voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2025-2-143-158voprecotest-5169Research ArticleДИСКУССИОННЫЙ КЛУБDEBATING SOCIETYСведения о реформе регулирования достаточности капитала исламских банков сильно преувеличеныThe reports of a reform of capital adequacy regulation of Islamic banks are greatly exaggeratedhttps://orcid.org/0000-0003-1674-4306ЖуравлёвА. Ю.JuravliovA. Y.

Журавлев Андрей Юрьевич, к. э. н., с. н. с. Центра арабских и исламских исследований 

Москва

Moscow

a.zhuravlev@ivran.ruИнститут востоковедения РАНРоссияInstitute of Oriental Studies of the Russian Academy of SciencesRussian Federation20250102202502143158Copyright © Voprosy Ekonomiki, NP, 20252025Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/5169

В связи с началом в России эксперимента в области партнерского (исламского) финансирования к этой теме в публичной сфере, включая академическую среду, стали обращаться все чаще. Показано, что в статье Г. И. Пеникаса и В. Ю. Стефаненко «Реформа регулирования достаточности капитала исламских банков», опубликованной в «Вопросах экономики» № 8, 2024 г., многие предпосылки неточны, что привело к ошибочной постановке вопроса, а также к тому, что использованный эконометрический аппарат не доказывает наличие связи между ростом интереса инвесторов к исламским банкам и «реформой 2013 года». 

Due to the beginning of an experiment in the area of partnership (Islamic) financing in Russia the relied theme has attracted growing attention in the public domain, including the academia. Unfortunately, insufficiently deep knowledge about the subject may play a trick on some authors. What results are conclusions that are disputable, to say the least. This is the case with the publication in question on the topic of an alleged reform of the regulation of capital adequacy of Islamic banks. Accordingly, there is a need to launch a debate about both the particular arguments and the very problem at the core of the said publication. This paper demonstrates why many premises the coauthors base their reasoning upon are inaccurate, which has led to an erroneous hypothesis, on the one hand, and to the fact that results of econometric exercise could not show a causal relationship between the improved attitude of investors towards Islamic banks, and the “reform” — for the absence of one. 

исламские банкибанковское регулированиедостаточность капиталакоэффициент «альфа»Islamic banksbank regulationcapital adequacyalpha factorReferencesЖуравлев А. Ю. (2022). Регулирование исламских банков и предполагаемые ограничения секулярной правовой среды // Арабский Восток в лабиринте социальноэкономических проблем: коллективная монография / Под ред. А. О. Филоника. М.: ИВ РАН. С. 82—125.Juravliov A. Y. (2022). Regulation of Islamic banks and the supposed limitations of the secular legal environment. In: A. O. Filonik (ed.). The Arab East in the labyrinth of socio-economic problems: A collective monograph. Moscow: IV RAN, pp. 82—125. (In Russian).Пеникаc Г. И., Стефаненко В. Ю. (2024). Реформа регулирования достаточности капитала исламских банков // Вопросы экономики. № 8. С. 89—110. https://doi.org/10.32609/0042-8736-2024-8-89-110Penikas H. I., Stefanenko V. Y. (2024). Reform of capital adequacy regulation in the world Islamic banking market. Voprosy Ekonomiki, No. 8, pp. 89—110. (In Russian). https://doi.org/10.32609/0042-8736-2024-8-89-110AAOIFI (2024). AAOIFI Financial accounting standard (FAS) 45. Quasi-equity (Including investment accounts). Accounting and Auditing Organization for Islamic Financial Institutions.AAOIFI (2024). AAOIFI Financial accounting standard (FAS) 45. Quasi-equity (Including investment accounts). Accounting and Auditing Organization for Islamic Financial Institutions.ADIB (2023). ADIB annual report 2023. Abu Dhabi Islamic Bank.ADIB (2023). ADIB annual report 2023. Abu Dhabi Islamic Bank.Al Rajhi Bank (2023). Annual report 2023. Al Salam Bank (2023). Annual report 2023.Al Rajhi Bank (2023). Annual report 2023. Al Salam Bank (2023). Annual report 2023.Bank Negara Malaysia (2011). Guidelines on the recognition and measurement of profit sharing investment account as risk absorbent. Central Bank of Malaysia, July 22.Bank Negara Malaysia (2011). Guidelines on the recognition and measurement of profit sharing investment account as risk absorbent. Central Bank of Malaysia, July 22.Bank Negara Malaysia (2020). Capital adequacy framework for Islamic banks (Capital components). Central Bank of Malaysia, February 5.Bank Negara Malaysia (2020). Capital adequacy framework for Islamic banks (Capital components). Central Bank of Malaysia, February 5.Bank Rakyat (2023). Annual report 2023. BIS (2012). Core principles for effective banking supervision. Basel Committee on Banking Supervision, Bank for International Settlements.Bank Rakyat (2023). Annual report 2023. BIS (2012). Core principles for effective banking supervision. Basel Committee on Banking Supervision, Bank for International Settlements.BIS (2025). The Basel framework. Basel Committee on Banking Supervision, Bank for International Settlements.BIS (2025). The Basel framework. Basel Committee on Banking Supervision, Bank for International Settlements.CBK (2023). Financial stability report 2023. Central Bank of Kuwait.CBK (2023). Financial stability report 2023. Central Bank of Kuwait.DinarStandard (2024). The state of the global Islamic economy 2023/24 report.DinarStandard (2024). The state of the global Islamic economy 2023/24 report.IFSB (2005). Capital adequacy standard for institutions (other than insurance institutions) offering only Islamic financial services. Islamic Financial Services Board, December.IFSB (2005). Capital adequacy standard for institutions (other than insurance institutions) offering only Islamic financial services. Islamic Financial Services Board, December.IFSB (2011). Guidance note in connection with the IFSB capital adequacy standard: The determination of alpha in the capital adequacy ratio for institutions (other than insurance institutions) offering only Islamic Financial Services. Islamic Financial Services Board, March.IFSB (2011). Guidance note in connection with the IFSB capital adequacy standard: The determination of alpha in the capital adequacy ratio for institutions (other than insurance institutions) offering only Islamic Financial Services. Islamic Financial Services Board, March.IFSB (2013). Revised capital adequacy standard for institutions offering Islamic financial services [excluding Islamic insurance (Takāful) institutions and Islamic collective investment schemes]. Islamic Financial Services Board, December.IFSB (2013). Revised capital adequacy standard for institutions offering Islamic financial services [excluding Islamic insurance (Takāful) institutions and Islamic collective investment schemes]. Islamic Financial Services Board, December.IFSB (2021). Revised capital adequacy standard for institutions offering Islamic financial services [banking segment]. Islamic Financial Services Board, December.IFSB (2021). Revised capital adequacy standard for institutions offering Islamic financial services [banking segment]. Islamic Financial Services Board, December.IFSB (2023). Islamic financial services industry stability report: Navigating a challenging global financial condition. Kuala Lumpur: Islamic Financial Services Board.IFSB (2023). Islamic financial services industry stability report: Navigating a challenging global financial condition. Kuala Lumpur: Islamic Financial Services Board.IMF (2003). United Arab Emirates: Financial system stability assessment, including reports on the observance of standards and codes on the following topics: Monetary and financial policy transparency, banking supervision and payment systems. IMF Country Report, No. 2003/020. https://doi.org/10.5089/9781451801088.002IMF (2003). United Arab Emirates: Financial system stability assessment, including reports on the observance of standards and codes on the following topics: Monetary and financial policy transparency, banking supervision and payment systems. IMF Country Report, No. 2003/020. https://doi.org/10.5089/9781451801088.002IMF (2004). Kuwait: Financial system stability assessment, including reports on the observance of standards and codes on the following topics: Banking supervision, securities regulation, anti-money laundering and combating the financing of terrorism. IMF Country Report, No. 2004/151. https://doi.org/10.5089/9781451822298.002IMF (2004). Kuwait: Financial system stability assessment, including reports on the observance of standards and codes on the following topics: Banking supervision, securities regulation, anti-money laundering and combating the financing of terrorism. IMF Country Report, No. 2004/151. https://doi.org/10.5089/9781451822298.002IMF (2006a). Kingdom of Bahrain: Financial system stability assessment, including reports on the observance of standards and codes on the following topics, banking supervision, insurance supervision, securities regulation, and anti-money laundering and combating the financing of terrorism. IMF Country Report, No. 2006/091. https://doi.org/10.5089/9781451804607.002IMF (2006a). Kingdom of Bahrain: Financial system stability assessment, including reports on the observance of standards and codes on the following topics, banking supervision, insurance supervision, securities regulation, and anti-money laundering and combating the financing of terrorism. IMF Country Report, No. 2006/091. https://doi.org/10.5089/9781451804607.002IMF (2006b). Saudi Arabia: Financial system stability assessment, including reports on the observance of standards and codes on the following topics, monetary and financial policy transparency, banking supervision, and payment systems. IMF Country Report, No. 2006/199. https://doi.org/10.5089/9781451833508.002IMF (2006b). Saudi Arabia: Financial system stability assessment, including reports on the observance of standards and codes on the following topics, monetary and financial policy transparency, banking supervision, and payment systems. IMF Country Report, No. 2006/199. https://doi.org/10.5089/9781451833508.002IMF (2013). Malaysia: Publication of financial sector assessment program documentation — detailed assessment of basel core principles for effective banking supervision. IMF Country Report, No. 2013/56. https://doi.org/10.5089/9781475514773.002IMF (2013). Malaysia: Publication of financial sector assessment program documentation — detailed assessment of basel core principles for effective banking supervision. IMF Country Report, No. 2013/56. https://doi.org/10.5089/9781475514773.002KPMG (2016). GCC listed banks’ results: A new paradigm. KPMG Middle East and South Asia, April.KPMG (2016). GCC listed banks’ results: A new paradigm. KPMG Middle East and South Asia, April.KPMG (2017). GCC listed banks’ results: Navigating through change. KPMG Middle East and South Asia, June.KPMG (2017). GCC listed banks’ results: Navigating through change. KPMG Middle East and South Asia, June.KPMG (2018). GCC listed banks’ results: Shifting horizons. KPMG Middle East and South Asia, April.KPMG (2018). GCC listed banks’ results: Shifting horizons. KPMG Middle East and South Asia, April.KPMG (2019). GCC listed banks’ results: Embracing digital. Appendix report. KPMG Middle East and South Asia, June.KPMG (2019). GCC listed banks’ results: Embracing digital. Appendix report. KPMG Middle East and South Asia, June.KPMG (2020). GCC listed banks’ results: New age banking. Appendix report. KPMG Middle East and South Asia, July.KPMG (2020). GCC listed banks’ results: New age banking. Appendix report. KPMG Middle East and South Asia, July.KPMG (2021). GCC listed banks’ results: Banking redefined. Appendix report. KPMG Middle East and South Asia, July.KPMG (2021). GCC listed banks’ results: Banking redefined. Appendix report. KPMG Middle East and South Asia, July.Kuveyt Türk (2023). Annual report 2023: Sustainable inclusive growth.Kuveyt Türk (2023). Annual report 2023: Sustainable inclusive growth.Louati S., Abida I. G., Boujelbene Y. (2015). Capital adequacy implications on Islamic and non-Islamic bank’s behavior: Does market power matter? Borsa Istanbul Review, Vol. 15, No. 3, рр. 192—204. https://doi.org/10.1016/j.bir.2015.04.001Louati S., Abida I. G., Boujelbene Y. (2015). Capital adequacy implications on Islamic and non-Islamic bank’s behavior: Does market power matter? Borsa Istanbul Review, Vol. 15, No. 3, рр. 192—204. https://doi.org/10.1016/j.bir.2015.04.001Mateev M., Nasr T., Nair K. (2024). Navigating crisis: marketing dynamics and resilience in the MENA’s dual-banking system amidst the SAR-COV-2 pandemic. Humanities and Social Sciences Communications, Vol. 11, article 1248. https:// doi.org/10.1057/s41599-024-03675-1Mateev M., Nasr T., Nair K. (2024). Navigating crisis: marketing dynamics and resilience in the MENA’s dual-banking system amidst the SAR-COV-2 pandemic. Humanities and Social Sciences Communications, Vol. 11, article 1248. https:// doi.org/10.1057/s41599-024-03675-1Penikas H., Stefanenko V. (2021). Identifying the core driver for the Islamic banking capital adequacy regulation. Ihtifaz: Journal of Islamic Economics, Finance, and Banking, Vol. 4, pp. 81—96. https://doi.org/10.12928/ijiefb.v4i2.4531Penikas H., Stefanenko V. (2021). Identifying the core driver for the Islamic banking capital adequacy regulation. Ihtifaz: Journal of Islamic Economics, Finance, and Banking, Vol. 4, pp. 81—96. https://doi.org/10.12928/ijiefb.v4i2.4531QIB (2023). Annual report 2023. Qatar Islamic Bank.QIB (2023). Annual report 2023. Qatar Islamic Bank.SBP (2020). Guidelines on stress testing 2020. Annexure A of FSD Circular No. 01 of 2020. State Bank of Pakistan, Financial Stability Department.SBP (2020). Guidelines on stress testing 2020. Annexure A of FSD Circular No. 01 of 2020. State Bank of Pakistan, Financial Stability Department.

The authors declare that there are no conflicts of interest present.