<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.3 20210610//EN" "JATS-journalpublishing1-3.dtd">
<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">voprecotest</journal-id><journal-title-group><journal-title xml:lang="ru">Вопросы экономики</journal-title><trans-title-group xml:lang="en"><trans-title>Voprosy Ekonomiki</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">0042-8736</issn><publisher><publisher-name>Voprosy Ekonomiki, NP</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.32609/0042-8736-2015-6-106-127</article-id><article-id custom-type="elpub" pub-id-type="custom">voprecotest-87</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>_______________</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>_______________</subject></subj-group></article-categories><title-group><article-title>Исламские финансы: возможности для российской экономики</article-title><trans-title-group xml:lang="en"><trans-title>Islamic Finance: Opportunities for the Russian Economy</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Чокаев</surname><given-names>Б. В.</given-names></name><name name-style="western" xml:lang="en"><surname>Chokaev</surname><given-names>B.</given-names></name></name-alternatives><bio xml:lang="ru"><p>к.  ф.-м.  н., заместитель заведующего Международной лабораторией эмпирических исследований инвестиций и финансовых рынков Российской академии народного хозяйства и государственной службы при Президенте РФ; старший научный сотрудник Института экономической политики имени Е.  Т.  Гайдара (Москва)</p></bio><email xlink:type="simple">chokaev@ranepa.ru</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Российская академия народного хозяйства и государственной службы при Президенте РФ; Институт экономической политики имени Е. Т. Гайдара (Москва)</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia); Gaidar Institute for Economic Policy (Moscow, Russia)</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2015</year></pub-date><pub-date pub-type="epub"><day>20</day><month>06</month><year>2015</year></pub-date><volume>0</volume><issue>6</issue><fpage>106</fpage><lpage>127</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Voprosy Ekonomiki, NP, 2015</copyright-statement><copyright-year>2015</copyright-year><copyright-holder xml:lang="ru">Voprosy Ekonomiki, NP</copyright-holder><copyright-holder xml:lang="en">Voprosy Ekonomiki, NP</copyright-holder><license xlink:href="https://www.vopreco.ru/jour/about/submissions#copyrightNotice" xlink:type="simple"><license-p>https://www.vopreco.ru/jour/about/submissions#copyrightNotice</license-p></license></permissions><self-uri xlink:href="https://www.vopreco.ru/jour/article/view/87">https://www.vopreco.ru/jour/article/view/87</self-uri><abstract><p>Статья посвящена перспективам развития финансовой системы России, связанным с появлением отрасли исламских финансов в стране. Описаны особенности исламских финансов, рассмотрены основные препятствия для функционирования исламских финансовых компаний в российском правовом поле. Проанализованы экономические выгоды от развития отрасли исламских финансов, которое подразумевает создание экономической инфраструктуры, позволяющей субъектам данной отрасли функционировать в равных условиях с другими субъектами финансовой системы с точки зрения финансовых, налоговых и административных аспектов.</p></abstract><trans-abstract xml:lang="en"><p>The article discusses the prospects for the development of the financial system and the economy, associated with the emergence of Islamic finance industry in the country. The author briefly describes the important features of Islamic finance, examines the main obstacles for functioning of Islamic financial institutions in the Russian legislation. Furthermore, the paper analyzes the economic benefits from the creation of economic infrastructure, which enables Islamic financial companies to operate on equal conditions with other subjects of the financial system in terms of financial, tax and administrative aspects.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>исламские финансы</kwd><kwd>финансовая система</kwd><kwd>финансовые инструменты</kwd></kwd-group><kwd-group xml:lang="en"><kwd>Islamic finance</kwd><kwd>financial system</kwd><kwd>financial instruments</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Абрамов А., Радыгин А. (2007). Финансовый рынок России в условиях государственного капитализма // Вопросы экономики. № 6. С. 28-44.</mixed-citation><mixed-citation xml:lang="en">Abramov A., Radygin A. (2007). Russian financial market under state capitalism. Voprosy Ekonomiki, No. 6, pp. 28—44. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit2"><label>2</label><citation-alternatives><mixed-citation xml:lang="ru">Абрамов А., Радыгин А., Чернова М. (2014). Регулирование финансовых рынков: модели, эволюция, эффективность // Вопросы экономики. № 2. С. 33-49.</mixed-citation><mixed-citation xml:lang="en">Abramov A., Radygin A., Chernova M. (2014). Financial markets regulation: Models, evolution, efficiency. Voprosy Ekonomiki, No. 2, pp. 33—49. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit3"><label>3</label><citation-alternatives><mixed-citation xml:lang="ru">Азарян В. (2012). Перспективы и тенденции исламской финансовой системы // Научное обозрение. Сер. 1: Экономика и право. № 3-4. С. 187-191.</mixed-citation><mixed-citation xml:lang="en">Azaryan V. (2012). Prospects and trends of Islamic finance model. Nauchnoe obozrenie: Seriya 1. Ekonomika i Pravo, No. 3—4, pp. 187—191. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit4"><label>4</label><citation-alternatives><mixed-citation xml:lang="ru">Бакир ас-Садр М. (2012). Наша экономика / Науч. ред. Беккин Р. И. М.: Изд-во КФУ.</mixed-citation><mixed-citation xml:lang="en">Baqir as-Sadr M. (2012). Our economics. Bekkin R. I. (ed.). Moscow: Kazan Federal University Publ. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit5"><label>5</label><citation-alternatives><mixed-citation xml:lang="ru">Беккин Р. (2004). Особенности исламского страхования // Проблемы современной экономики. № 1/2. С. 200-201.</mixed-citation><mixed-citation xml:lang="en">Bekkin R. I. (2004). The features of Islamic insurance. Problemy Sovremennoy Ekonomiki, No. 1/2, pp. 200—201. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit6"><label>6</label><citation-alternatives><mixed-citation xml:lang="ru">Беккин Р. (2006). Особенности функционирования исламских финансовых институтов: российский опыт // Вестник Санкт-Петербургского университета. Сер. 8: Менеджмент. Вып. 2. С. 168-192.</mixed-citation><mixed-citation xml:lang="en">Bekkin R. I. (2006). Islamic financial institutions in Russia: Basic features and current practice. Vestnik Sankt-Peterburgskogo Universiteta: Seria 8. Menedzhment, No. 2, pp. 168—192. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit7"><label>7</label><citation-alternatives><mixed-citation xml:lang="ru">Беккин Р. (2007). Исламская экономика: между капитализмом и социализмом // Вопросы экономики. № 10. С. 147-155.</mixed-citation><mixed-citation xml:lang="en">Bekkin R. (2007). Islamic economy: Between capitalism and socialism. Voprosy Ekonomiki, No. 10, pp. 147—155. (In Russian)</mixed-citation></citation-alternatives></ref><ref id="cit8"><label>8</label><citation-alternatives><mixed-citation xml:lang="ru">Зубарев А.В. (2012). Факторы устойчивости российских банков во время кризиса 2008-2009 годов // Экономическая политика. №. 4. С. 126-142.</mixed-citation><mixed-citation xml:lang="en">Zubarev A.  V. Stability factors of Russian banks during the crisis of 2008—2009. Ekonomicheskaya Politika, No. 4, pp. 126—142. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit9"><label>9</label><citation-alternatives><mixed-citation xml:lang="ru">Радыгин А., Энтов Р. (2005). Институциональные компоненты экономического роста // Вопросы экономики. № 11. С. 14-38.</mixed-citation><mixed-citation xml:lang="en">Radygin A., Entov R. (2005). Institutional components of economic growth. Voprosy Ekonomiki, No. 11, pp. 14—38. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit10"><label>10</label><citation-alternatives><mixed-citation xml:lang="ru">Трунин П., Каменских М., Муфтяхетдинова М. (2009). Исламская финансовая система: современное состояние и перспективы развития // Научные труды ИЭПП. № 122. С. 1-84.</mixed-citation><mixed-citation xml:lang="en">Trunin P., Kamenskikh M., Muftiahetdinova M. Islamic banking system: Present state and prospects for development. Nauchnye Trudy IEPP, No. 122, pp. 1—84. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit11"><label>11</label><citation-alternatives><mixed-citation xml:lang="ru">Яндиев М. (2011). Актуальные проблемы формирования исламской финансовой системы: на стыке философии и практики // Рынок ценных бумаг. № 9. С. 54-57.</mixed-citation><mixed-citation xml:lang="en">Jandiev M. (2011). Current problems of the Islamic financial system foundation: Philosophy and practice. Rynok Tsennykh Bumag, No. 9, pp. 54—57. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit12"><label>12</label><citation-alternatives><mixed-citation xml:lang="ru">Abedifar P., Molyneux P., Tarazi A. (2013). Risk in Islamic banking. Review of Finance, Vol. 17, No. 6, pp. 2035-2096.</mixed-citation><mixed-citation xml:lang="en">Abedifar P., Molyneux P., Tarazi A. (2013). Risk in Islamic banking. Review of Finance, Vol. 17, No. 6, pp. 2035-2096.</mixed-citation></citation-alternatives></ref><ref id="cit13"><label>13</label><citation-alternatives><mixed-citation xml:lang="ru">Aggarwal R. K., Yousef T. (2000). Islamic banks and investment financing. Journal of Money, Credit and Banking, Vol. 32, No. 1, pp. 93-120.</mixed-citation><mixed-citation xml:lang="en">Aggarwal R. K., Yousef T. (2000). Islamic banks and investment financing. Journal of Money, Credit and Banking, Vol. 32, No. 1, pp. 93-120.</mixed-citation></citation-alternatives></ref><ref id="cit14"><label>14</label><citation-alternatives><mixed-citation xml:lang="ru">Ainley M., Mashayekhi A., Hicks R., Rahman A., Ravalia A. (2007). Islamic finance in the UK: Regulation and challenges (Vol. 9). London: Financial Services Authority.</mixed-citation><mixed-citation xml:lang="en">Ainley M., Mashayekhi A., Hicks R., Rahman A., Ravalia A. (2007). Islamic finance in the UK: Regulation and challenges (Vol. 9). London: Financial Services Authority.</mixed-citation></citation-alternatives></ref><ref id="cit15"><label>15</label><citation-alternatives><mixed-citation xml:lang="ru">Al-Saati A. R. (2003). The permissible Gharar (risk) in classical Islamic jurisprudence. Islamic Economics, Vol. 16, No. 2, pp. 3-19.</mixed-citation><mixed-citation xml:lang="en">Al-Saati A. R. (2003). The permissible Gharar (risk) in classical Islamic jurisprudence. Islamic Economics, Vol. 16, No. 2, pp. 3-19.</mixed-citation></citation-alternatives></ref><ref id="cit16"><label>16</label><citation-alternatives><mixed-citation xml:lang="ru">Al-Suwailim (2000). Towards an objective measure of gharar in exchange. Islamic Economic Studies, Vol. 7, No. 1-2, pp. 61-102.</mixed-citation><mixed-citation xml:lang="en">Al-Suwailim (2000). Towards an objective measure of gharar in exchange. Islamic Economic Studies, Vol. 7, No. 1-2, pp. 61-102.</mixed-citation></citation-alternatives></ref><ref id="cit17"><label>17</label><citation-alternatives><mixed-citation xml:lang="ru">Ayub M. (2009). Understanding Islamic finance. West Sussex, UK: John Wiley &amp; Sons.</mixed-citation><mixed-citation xml:lang="en">Ayub M. (2009). Understanding Islamic finance. West Sussex, UK: John Wiley &amp; Sons.</mixed-citation></citation-alternatives></ref><ref id="cit18"><label>18</label><citation-alternatives><mixed-citation xml:lang="ru">Bencivenga V. R., Smith B. D. (1991). Financial intermediation and endogenous growth. Review of Economic Studies, Vol. 58, No. 2, pp. 195-209.</mixed-citation><mixed-citation xml:lang="en">Bencivenga V. R., Smith B. D. (1991). Financial intermediation and endogenous growth. Review of Economic Studies, Vol. 58, No. 2, pp. 195-209.</mixed-citation></citation-alternatives></ref><ref id="cit19"><label>19</label><citation-alternatives><mixed-citation xml:lang="ru">Boot A., Thakor A. (1993). Security design. Journal of Finance, Vol. 48, No. 4, pp. 1349-1378.</mixed-citation><mixed-citation xml:lang="en">Boot A., Thakor A. (1993). Security design. Journal of Finance, Vol. 48, No. 4, pp. 1349-1378.</mixed-citation></citation-alternatives></ref><ref id="cit20"><label>20</label><citation-alternatives><mixed-citation xml:lang="ru">Boulakia J. D. C. (1971). Ibn Khaldun: A fourteenth century economist. Journal of Political Economy, Vol. 79, No. 5, pp. 1105-1118.</mixed-citation><mixed-citation xml:lang="en">Boulakia J. D. C. (1971). Ibn Khaldun: A fourteenth century economist. Journal of Political Economy, Vol. 79, No. 5, pp. 1105-1118.</mixed-citation></citation-alternatives></ref><ref id="cit21"><label>21</label><citation-alternatives><mixed-citation xml:lang="ru">Chapra M. U. (1996). What is Islamic economics? Islamic Development Bank, Islamic Research and Training Institute.</mixed-citation><mixed-citation xml:lang="en">Chapra M. U. (1996). What is Islamic economics? Islamic Development Bank, Islamic Research and Training Institute.</mixed-citation></citation-alternatives></ref><ref id="cit22"><label>22</label><citation-alternatives><mixed-citation xml:lang="ru">Chapra M. U. (2000). The future of economics: An Islamic perspective. Leicester: The Islamic Foundation.</mixed-citation><mixed-citation xml:lang="en">Chapra M. U. (2000). The future of economics: An Islamic perspective. Leicester: The Islamic Foundation.</mixed-citation></citation-alternatives></ref><ref id="cit23"><label>23</label><citation-alternatives><mixed-citation xml:lang="ru">Chong B. S., Liu M. H. (2009). Islamic banking: Interest-free or interest-based? Journal of PacificBasin Finance, Vol. 17, No. 1, pp. 125-144.</mixed-citation><mixed-citation xml:lang="en">Chong B. S., Liu M. H. (2009). Islamic banking: Interest-free or interest-based? Journal of PacificBasin Finance, Vol. 17, No. 1, pp. 125-144.</mixed-citation></citation-alternatives></ref><ref id="cit24"><label>24</label><citation-alternatives><mixed-citation xml:lang="ru">Cihak M., Hesse H. (2010). Islamic banks and financial stability: an empirical analysis. Journal of Financial Services Research, Vol. 38, No. 2, pp. 95-113.</mixed-citation><mixed-citation xml:lang="en">Cihak M., Hesse H. (2010). Islamic banks and financial stability: an empirical analysis. Journal of Financial Services Research, Vol. 38, No. 2, pp. 95-113.</mixed-citation></citation-alternatives></ref><ref id="cit25"><label>25</label><citation-alternatives><mixed-citation xml:lang="ru">Daniel K., Titman S. (1995). Financing investment under asymmetric information. Handbooks in operations research and management science, Vol. 9, pp. 721-766.</mixed-citation><mixed-citation xml:lang="en">Daniel K., Titman S. (1995). Financing investment under asymmetric information. Handbooks in operations research and management science, Vol. 9, pp. 721-766.</mixed-citation></citation-alternatives></ref><ref id="cit26"><label>26</label><citation-alternatives><mixed-citation xml:lang="ru">DeMarzo P., Duffie D. (1999). A liquidity-based model of security design. Econometrica, Vol. 67, No. 1, pp. 65-99.</mixed-citation><mixed-citation xml:lang="en">DeMarzo P., Duffie D. (1999). A liquidity-based model of security design. Econometrica, Vol. 67, No. 1, pp. 65-99.</mixed-citation></citation-alternatives></ref><ref id="cit27"><label>27</label><citation-alternatives><mixed-citation xml:lang="ru">Al-Darir Al-Siddiq M. Al-Amin (2004). The amount of gharar that prevents transactions from being valid. Proceedings of the 4th conference of the Shari’ah Boards of Islamic financial institutions, 3-4 October, Kingdom of Bahrain.</mixed-citation><mixed-citation xml:lang="en">Al-Darir Al-Siddiq M. Al-Amin (2004). The amount of gharar that prevents transactions from being valid. Proceedings of the 4th conference of the Shari’ah Boards of Islamic financial institutions, 3-4 October, Kingdom of Bahrain.</mixed-citation></citation-alternatives></ref><ref id="cit28"><label>28</label><citation-alternatives><mixed-citation xml:lang="ru">El-Gamal M. A. (2001). An economic explication of the prohibition of gharar in classical Islamic jurisprudence. Islamic Economic Studies, Vol. 8, No. 2, pp. 29-58.</mixed-citation><mixed-citation xml:lang="en">El-Gamal M. A. (2001). An economic explication of the prohibition of gharar in classical Islamic jurisprudence. Islamic Economic Studies, Vol. 8, No. 2, pp. 29-58.</mixed-citation></citation-alternatives></ref><ref id="cit29"><label>29</label><citation-alternatives><mixed-citation xml:lang="ru">Errico L., Farrahbaksh M. (1998). Islamic banking: issues in prudential regulation and supervision. IMF Working Paper, No. 98/30.</mixed-citation><mixed-citation xml:lang="en">Errico L., Farrahbaksh M. (1998). Islamic banking: issues in prudential regulation and supervision. IMF Working Paper, No. 98/30.</mixed-citation></citation-alternatives></ref><ref id="cit30"><label>30</label><citation-alternatives><mixed-citation xml:lang="ru">Fulghieri P., Lukin D. (2001). Information production, dilution costs, and optimal security design. Journal of Financial Economics, Vol. 61, No. 1, pp. 3-42.</mixed-citation><mixed-citation xml:lang="en">Fulghieri P., Lukin D. (2001). Information production, dilution costs, and optimal security design. Journal of Financial Economics, Vol. 61, No. 1, pp. 3-42.</mixed-citation></citation-alternatives></ref><ref id="cit31"><label>31</label><citation-alternatives><mixed-citation xml:lang="ru">Gertler M., Rose A. (1991). Finance, growth, and public policy. World Bank Working Paper, No. 814.</mixed-citation><mixed-citation xml:lang="en">Gertler M., Rose A. (1991). Finance, growth, and public policy. World Bank Working Paper, No. 814.</mixed-citation></citation-alternatives></ref><ref id="cit32"><label>32</label><citation-alternatives><mixed-citation xml:lang="ru">Goldsmith R. W. (1969). Financial structure and development. New Haven, CT: Yale University Press.</mixed-citation><mixed-citation xml:lang="en">Goldsmith R. W. (1969). Financial structure and development. New Haven, CT: Yale University Press.</mixed-citation></citation-alternatives></ref><ref id="cit33"><label>33</label><citation-alternatives><mixed-citation xml:lang="ru">Greenwood J., Jovanovic B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, Vol. 98, No. 5, Part 1, pp. 1076-1107.</mixed-citation><mixed-citation xml:lang="en">Greenwood J., Jovanovic B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, Vol. 98, No. 5, Part 1, pp. 1076-1107.</mixed-citation></citation-alternatives></ref><ref id="cit34"><label>34</label><citation-alternatives><mixed-citation xml:lang="ru">Hassan M., Dridi J. (2010) The effects of the global crisis on Islamic and conventional banks: A comparative study. IMF Working Paper, No. 10/201.</mixed-citation><mixed-citation xml:lang="en">Hassan M., Dridi J. (2010) The effects of the global crisis on Islamic and conventional banks: A comparative study. IMF Working Paper, No. 10/201.</mixed-citation></citation-alternatives></ref><ref id="cit35"><label>35</label><citation-alternatives><mixed-citation xml:lang="ru">Johnes J., Izzeldin M., Pappas V. (2013). A comparison of performance of Islamic and conventional banks 2004-2009. Journal of Economic Behavior &amp; Organization, Vol. 103, pp. S93-S107.</mixed-citation><mixed-citation xml:lang="en">Johnes J., Izzeldin M., Pappas V. (2013). A comparison of performance of Islamic and conventional banks 2004-2009. Journal of Economic Behavior &amp; Organization, Vol. 103, pp. S93-S107.</mixed-citation></citation-alternatives></ref><ref id="cit36"><label>36</label><citation-alternatives><mixed-citation xml:lang="ru">Kahf M., Khan T. (1992). Principles of Islamic financing. IRTI Research Paper, No. 16. Jeddah, Saudi Arabia: Islamic Research and Training Institute.</mixed-citation><mixed-citation xml:lang="en">Kahf M., Khan T. (1992). Principles of Islamic financing. IRTI Research Paper, No. 16. Jeddah, Saudi Arabia: Islamic Research and Training Institute.</mixed-citation></citation-alternatives></ref><ref id="cit37"><label>37</label><citation-alternatives><mixed-citation xml:lang="ru">Kalay A., Zender J. (1997). Bankruptcy, warrants, and state-contingent changes in the ownership of control. Journal of Financial Intermediation, Vol. 6, pp. 347-379.</mixed-citation><mixed-citation xml:lang="en">Kalay A., Zender J. (1997). Bankruptcy, warrants, and state-contingent changes in the ownership of control. Journal of Financial Intermediation, Vol. 6, pp. 347-379.</mixed-citation></citation-alternatives></ref><ref id="cit38"><label>38</label><citation-alternatives><mixed-citation xml:lang="ru">Khan T., Ahmed H. (2001). Risk management: an analysis of issues in Islamic financial industry. Islamic Development Bank Occasional Paper, No. 5. Jeddah, Saudi Arabia.</mixed-citation><mixed-citation xml:lang="en">Khan T., Ahmed H. (2001). Risk management: an analysis of issues in Islamic financial industry. Islamic Development Bank Occasional Paper, No. 5. Jeddah, Saudi Arabia.</mixed-citation></citation-alternatives></ref><ref id="cit39"><label>39</label><citation-alternatives><mixed-citation xml:lang="ru">King R. G., Levine R. (1993a). Finance and growth: Schumpeter might be right. Quarterly Journal of Economics, Vol. 108, No. 3, pp. 717-738.</mixed-citation><mixed-citation xml:lang="en">King R. G., Levine R. (1993a). Finance and growth: Schumpeter might be right. Quarterly Journal of Economics, Vol. 108, No. 3, pp. 717-738.</mixed-citation></citation-alternatives></ref><ref id="cit40"><label>40</label><citation-alternatives><mixed-citation xml:lang="ru">King R. G., Levine R. (1993b). Finance, entrepreneurship, and growth: Theory and evidence. Journal of Monetary Economics, Vol. 32, No. 3. pp. 513-542.</mixed-citation><mixed-citation xml:lang="en">King R. G., Levine R. (1993b). Finance, entrepreneurship, and growth: Theory and evidence. Journal of Monetary Economics, Vol. 32, No. 3. pp. 513-542.</mixed-citation></citation-alternatives></ref><ref id="cit41"><label>41</label><citation-alternatives><mixed-citation xml:lang="ru">Levine R. (1991). Stock markets, growth, and tax policy. Journal of Finance, Vol. 46, No. 4, pp. 1445-1465.</mixed-citation><mixed-citation xml:lang="en">Levine R. (1991). Stock markets, growth, and tax policy. Journal of Finance, Vol. 46, No. 4, pp. 1445-1465.</mixed-citation></citation-alternatives></ref><ref id="cit42"><label>42</label><citation-alternatives><mixed-citation xml:lang="ru">MacKie-Mason J. K. (1990). Do firms care who provides their financing? In: G. Hub- bard (ed.). Asymmetric information, corporate, finance, and investment. Chicago: University of Chicago Press, pp. 63-103.</mixed-citation><mixed-citation xml:lang="en">MacKie-Mason J. K. (1990). Do firms care who provides their financing? In: G. Hub- bard (ed.). Asymmetric information, corporate, finance, and investment. Chicago: University of Chicago Press, pp. 63-103.</mixed-citation></citation-alternatives></ref><ref id="cit43"><label>43</label><citation-alternatives><mixed-citation xml:lang="ru">McKinnon R. I. (1973). Money and capital in economic development. Washington, DC: Brookings Institution.</mixed-citation><mixed-citation xml:lang="en">McKinnon R. I. (1973). Money and capital in economic development. Washington, DC: Brookings Institution.</mixed-citation></citation-alternatives></ref><ref id="cit44"><label>44</label><citation-alternatives><mixed-citation xml:lang="ru">Myers S. C. (1984). The capital structure puzzle. Journal of Finance, Vol. 39, No. 3, pp. 575-592.</mixed-citation><mixed-citation xml:lang="en">Myers S. C. (1984). The capital structure puzzle. Journal of Finance, Vol. 39, No. 3, pp. 575-592.</mixed-citation></citation-alternatives></ref><ref id="cit45"><label>45</label><citation-alternatives><mixed-citation xml:lang="ru">Myers S. C., Majluf N. S. (1984). Corporate financing and investment decisions when firms have information investors do not have. Journal of Financial Economics, Vol. 13, No. 2, pp. 187-221.</mixed-citation><mixed-citation xml:lang="en">Myers S. C., Majluf N. S. (1984). Corporate financing and investment decisions when firms have information investors do not have. Journal of Financial Economics, Vol. 13, No. 2, pp. 187-221.</mixed-citation></citation-alternatives></ref><ref id="cit46"><label>46</label><citation-alternatives><mixed-citation xml:lang="ru">Obaidullah M. (2005). Islamic financial services. Jeddah, Saudi Arabia: Islamic Eco- nomics Research Center, King Abdulaziz University.</mixed-citation><mixed-citation xml:lang="en">Obaidullah M. (2005). Islamic financial services. Jeddah, Saudi Arabia: Islamic Eco- nomics Research Center, King Abdulaziz University.</mixed-citation></citation-alternatives></ref><ref id="cit47"><label>47</label><citation-alternatives><mixed-citation xml:lang="ru">Opler T., Titman S. (1996). The debtequity choice. Unpublished manuscript. Austin: University of Texas.</mixed-citation><mixed-citation xml:lang="en">Opler T., Titman S. (1996). The debtequity choice. Unpublished manuscript. Austin: University of Texas.</mixed-citation></citation-alternatives></ref><ref id="cit48"><label>48</label><citation-alternatives><mixed-citation xml:lang="ru">Pagano M. (1993). Financial markets and growth: An overview. European Economic Review, Vol. 37, No. 2-3, pp. 613-622.</mixed-citation><mixed-citation xml:lang="en">Pagano M. (1993). Financial markets and growth: An overview. European Economic Review, Vol. 37, No. 2-3, pp. 613-622.</mixed-citation></citation-alternatives></ref><ref id="cit49"><label>49</label><citation-alternatives><mixed-citation xml:lang="ru">Qadeeruddin A. (1995). What is Riba. Journal of Islamic Banking and Finance, Vol. 12, No. 1, pp. 7-49.</mixed-citation><mixed-citation xml:lang="en">Qadeeruddin A. (1995). What is Riba. Journal of Islamic Banking and Finance, Vol. 12, No. 1, pp. 7-49.</mixed-citation></citation-alternatives></ref><ref id="cit50"><label>50</label><citation-alternatives><mixed-citation xml:lang="ru">Rajan R. G., Zingales L. (1998). Financial dependence and growth. American Economic Review, Vol. 88, No. 3, pp. 559-586.</mixed-citation><mixed-citation xml:lang="en">Rajan R. G., Zingales L. (1998). Financial dependence and growth. American Economic Review, Vol. 88, No. 3, pp. 559-586.</mixed-citation></citation-alternatives></ref><ref id="cit51"><label>51</label><citation-alternatives><mixed-citation xml:lang="ru">Robinson J. (1952). The rate of interest and other essays. London: Macmillan.</mixed-citation><mixed-citation xml:lang="en">Robinson J. (1952). The rate of interest and other essays. London: Macmillan.</mixed-citation></citation-alternatives></ref><ref id="cit52"><label>52</label><citation-alternatives><mixed-citation xml:lang="ru">Roubini N., Sala-i-Martin X. (1992). Financial repression and economic growth. Journal of Development Economics, Vol. 39, No. 1, pp. 5-50.</mixed-citation><mixed-citation xml:lang="en">Roubini N., Sala-i-Martin X. (1992). Financial repression and economic growth. Journal of Development Economics, Vol. 39, No. 1, pp. 5-50.</mixed-citation></citation-alternatives></ref><ref id="cit53"><label>53</label><citation-alternatives><mixed-citation xml:lang="ru">Shaw E. S. (1973). Financial deepening in economic development. N. Y.: Oxford University Press.</mixed-citation><mixed-citation xml:lang="en">Shaw E. S. (1973). Financial deepening in economic development. N. Y.: Oxford University Press.</mixed-citation></citation-alternatives></ref><ref id="cit54"><label>54</label><citation-alternatives><mixed-citation xml:lang="ru">Shyam-Sunder L., Myers S. C. (1999). Testing static trade-off against pecking order models of capital structure. Journal of Financial Economics, Vol. 51, No. 2, pp. 219-244.</mixed-citation><mixed-citation xml:lang="en">Shyam-Sunder L., Myers S. C. (1999). Testing static trade-off against pecking order models of capital structure. Journal of Financial Economics, Vol. 51, No. 2, pp. 219-244.</mixed-citation></citation-alternatives></ref><ref id="cit55"><label>55</label><citation-alternatives><mixed-citation xml:lang="ru">Sundararajan V., Errico L. (2002). Islamic financial institutions and products in the global financial system: key issues in risk management and challenges ahead. IMF Working Paper, No. WP/02/192.</mixed-citation><mixed-citation xml:lang="en">Sundararajan V., Errico L. (2002). Islamic financial institutions and products in the global financial system: key issues in risk management and challenges ahead. IMF Working Paper, No. WP/02/192.</mixed-citation></citation-alternatives></ref><ref id="cit56"><label>56</label><citation-alternatives><mixed-citation xml:lang="ru">Usmani M. T. (2002). An introduction to Islamic finance (Vol. 20). Highwood, IL: Brill. Weill L. (2011). Do Islamic banks have greater market power? Comparative Economic Studies, Vol. 53, No. 2, pp. 291-306.</mixed-citation><mixed-citation xml:lang="en">Usmani M. T. (2002). An introduction to Islamic finance (Vol. 20). Highwood, IL: Brill. Weill L. (2011). Do Islamic banks have greater market power? Comparative Economic Studies, Vol. 53, No. 2, pp. 291-306.</mixed-citation></citation-alternatives></ref><ref id="cit57"><label>57</label><citation-alternatives><mixed-citation xml:lang="ru">Yudistra D. (2004). Efficiency in Islamic banking: an empirical analysis of eighteen banks. Islamic Economic Studies, Vol. 12, No. 1, pp. 1-19.</mixed-citation><mixed-citation xml:lang="en">Yudistra D. (2004). Efficiency in Islamic banking: an empirical analysis of eighteen banks. Islamic Economic Studies, Vol. 12, No. 1, pp. 1-19.</mixed-citation></citation-alternatives></ref><ref id="cit58"><label>58</label><citation-alternatives><mixed-citation xml:lang="ru">Zaher T. S., Kabir Hassan M. (2001). A comparative literature survey of Islamic finance and banking. Financial Markets, Institutions &amp; Instruments, Vol. 10, No. 4. pp. 155-199.</mixed-citation><mixed-citation xml:lang="en">Zaher T. S., Kabir Hassan M. (2001). A comparative literature survey of Islamic finance and banking. Financial Markets, Institutions &amp; Instruments, Vol. 10, No. 4. pp. 155-199.</mixed-citation></citation-alternatives></ref></ref-list><fn-group><fn fn-type="conflict"><p>The authors declare that there are no conflicts of interest present.</p></fn></fn-group></back></article>
