Mokina L.S.Published in:
Russian Journal of Entrepreneurship
– Volume 18, Number 16 (August 2017)

JEL classification: G20, G21, G23

Keywords: islamic banking, islamic finance, Islamic windows, mudaraba, musharaka, traditional crediting


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Abstract:

Increase in demand for nonconventional banking services promotes the increase in importance of Islamic banking - the part of the international financial market representing for Russia viable and steady capital investment spheres during crisis for diversification of risks. The article considers the features of functioning of Islamic banks, and marks out the main instruments of Islamic financing. The author has analyzed the key development stages of Islamic banking in Russia. We cover the problems hindering its full introduction. We give the recommendations aimed at the development of Islamic tools within the Russian economy. In end we draw conclusion that the state is the main institute and from the actions of which depends the further functioning of Islamic banking in Russia.

Highlights:

 In modern conditions a segment of Islamic finance is one of the fast-growing segments: "against the background of ruin of speculative banks the profit of Islamic institutes steadily increases for 15–20% a year, assets – more than for 20%, and the annual turnover of world bank assets of the Islamic world for 2016 is estimated at 882 billion dollars.
 The relevance of a subject of Islamic banking for development of the Russian economy increases. The problems related to the financial markets of America and Europe in the relations with Russia cause the necessity to search new sources or strengthen the existing sources of the investment capital and increase in return from investments.
 We need to consider Islamic bank structures per se by the principles of operating and investment activities, based on religious traditions of Islam and provisions of the Islamic right.
 Many domestic banks are interested in the experience of use of Islamic instruments of financing. However the Russian experts have revealed the legislative, regulatory, organizational and tax barriers hindering the introduction of full-fledged mechanisms of functioning of financing under Sharia in all segments of the domestic financial sector.
 Despite the existing limiters, the development of Islamic banking in Russia is expedient, first of all, for meeting the demand of potential consumers of Islamic financial products.
 Without the state support the formation in Russia of the system of Islamic finance will be implemented at a slow pace, being followed only by introduction of some tools and products correspond most to the Russian legislation.

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