The article examines the spread of Muslim Kufic coins in Eastern, Western and Northern Europe, on the territory of Volga Bulgaria, Ancient Rus, the neighbours of Bulgars – ancestors of the Mari, Udmurt, Mordva and other Finno-Ugric ethnicities during the early Middle Ages in the 8^th – beginning of the 11^th centuries. The research of these coins shows the list of countries and Muslim dynasties the above-mentioned countries had trade relations with and their chronological framework. Coins of Umayyads, Abbasids, Samanids, Buwayhids, Ziyarids, Qarakhanids and other Muslim dynasties were discovered. Ways of Kufic dirhems expansion and their chronological framework are shown. The main role of Khazar Khanate is marked for the time span of 8^th – 9^th centuries whereas since X century the principal part was played by Volga Bulgaria. American numismatist T. Noonan designated them as Khazar and Bulgar phases of trade of Kufic coins. Bulgar coins, minted in 902–990-s, participated actively in this process. Together they acted as a commodity and medium of exchange, which reflected the scale of trade operations of the early Middle Ages. The study of Muslim Kufic dirhems allowed the author to clear up the role of Khazar Khanate and Volga Bulgaria in the functioning of Great Silk and Volga routes in the 8^th – beginning of the 11^th centuries.