Need for diversification of financial resources and for inflow of new investment capital to the Russian economy require reviewing of alternative financing instruments. In this regard there is a heightened interest in the Islamic financial products that showed the considerable resistance to negative changes in world economy. The article considers the essence of Sukuk tool which is an equivalent of Islamic bonds and one of the most demanded and developing tools of the Islamic financial market. We describe the types of contracts structured in case of entering into transactions using Sukuk. The article shows the positive experience of issue of Sukuk on the global markets. The author in detail describes the stages of introduction of Islamic securities in the Russian practice, formulates the conditions complicating issue of Sukuk and shows ways of their solution. In end we conclude that the use of Sukuk for Russia is valid for extension of the list of financing tools and integration into world financial community.
Highlights:
At the present stage in world economy the issue of diversification of investment financial instruments is especially relevant. One of the markets offering alternative financing schemes is the Islamic financing, on which more and more countries initiate the issue of Sukuk which is an equivalent of "Islamic" bonds.
For the Russian economy under the conditions of limitation of financial and investment resources, the Islamic mechanisms and financing instruments are obviously considered as a real effective alternative to the western capital.
According to definition of AAOIFI (The organization of accounting and audit of Islamic financial institutions), the Sukuk is the certificates of equal value representing undivided shares in ownership of tangible assets, usufructs and services or (in the ownership of) the assets of particular projects or special investment activity.
Malaysia and Gulf States are the leaders of the world Islamic stock market, which account for some 59% and 25% of the market in a dollar equivalent.
The tax law is the main obstacle for implementation of Sukuk projects in Russia.
By now in Russia there have been developed Sukuk models based on rent or purchase of an asset and the models based on the principle of trust management (when income is paid depending on profitability of the financed project).
By means of Sukuk it is possible to attract both short-term and long-term investment resources, necessary for implementation of priority programs of economic development of Russia and infrastructure projects.
Tel : +7 495 649 6241
Fax : +7 800 3331538
E-mail : bgscience@idbg.ru
Address : RUSSIA, 101000, Moscow, Myasnitskaya st. 13-2
