Muslim scholars from Egypt and British India formulated the principles of Islamic economy in the second half of the 1940s. At the turn of the 1970s-1980s a number of countries (Sudan, Iran and Pakistan) attempted to Islamize their financial systems. However, in none of the three, the experiment was successful. Afterwards, the Muslim world has not undertaken to build a financial system based on the principles of Islamic economics and finance any more. However, interest in the application of individual institutions of the Islamic economy has not faded away.