Russian financial institutions participating in the experiment on the development of partnership financing have started to increase the volume of transactions based on Islamic principles since 2023. Among them are banks and other public organizations. In this sector, it is especially important to take into account the long-term experience accumulated by Islamic financial institutions in disclosing information about their activities in annual reports. The purpose of the study is to assess the disclosure of information about the activities of Islamic financial institutions in annual reports and to develop theoretical approaches to its improvement for further use by Russian participants in partnership financing. The work uses comparative and deductive analysis methods , as well as logical and systemic approaches. The authors assessed the disclosure of information in annual reports by Islamic financial institutions based on more than 30 ratios grouped by categories of profitability, liquidity, asset quality, and capital adequacy. The authors identified the key indicators that Islamic financial institutions present to stakeholders for making investment decisions based on the information in annual reports. The results show that for investors of financial organizations, including those operating on the principles of the “Islamic window” (including Russian organizations participating in partnership financing), it will be constructive to disclose key indicators of Islamic financing operations in terms of six indicators (the CAMEL model modified by the authors) and five adjusted indicators of the performance index of these operations (Islamic Performance Index). The main conclusion of the study is the thesis on the need to adapt the modified CAMEL model by Russian participants in partnership financing to improve the quality of information disclosed in annual reports on their business models and attract investor funds to the industry.
Kharisova et al. (Sun,) studied this question.