The article examines Islamic banking in the BRICS countries (Brazil, Russia, India, China, South Africa) as an alternative financial model capable of offering innovative solutions amid global economic challenges. The primary objective of the study is to assess the current state of Islamic finance in these nations and identify prospects for its integration into their economic systems, taking into account the unique characteristics of each country. To achieve this goal, the authors analyze the regulatory frameworks, compare the principles of Islamic banking with conventional banking systems, and identify key barriers and growth factors influencing the development of this sector in the region. The methodological foundation of the research includes comparative cross-country analysis, statistical methods, and the processing of secondary data from relevant sources covering the period from 2020 to 2025. The findings reveal significant discrepancies in the development of Islamic banking across BRICS countries. The most successful implementation is observed in South Africa, where effective mechanisms have already been established, while India and Brazil remain at a nascent stage of adoption. In Russia and China, despite limited penetration of Islamic finance, there is growing interest in its potential. The study highlights the capacity of Islamic banking to enhance financial inclusivity, attract foreign investment, and diversify economic ties within BRICS. In conclusion, the authors propose recommendations for overcoming regulatory and infrastructural barriers, emphasizing the need to adapt Islamic financial instruments to local contexts to strengthen their role in the financial systems of the BRICS alliance.