|Generate QR code
Open Access
Subscription Access
Islamic finance in Russia: Evidence from market participants
https://doi.org/10.32609/0042-8736-2021-5-74-90
Abstract
Based on expert interviews, the factors limiting the development of the Islamic finance market in Russia, the competitiveness and target audience of Islamic finance, as well as their future and dissemination model in the Russian economy are investigated. The interviews were conducted with the heads of banks, funds, Islamic finance and the managers of consulting companies. The paper focuses on how the participants and organizers of the Russian market themselves understand the phenomenon of Islamic finance. It is shown that the Islamic financial services in Russia are in demand and competitive. But the scaling of this business requires additional capital (liquidity). In turn, access to capital for the development of the sector can be provided by attracting a large strategic investor (principal) represented by a bank or financial-industrial group.
About the Author
A. Z. Nagimova
Kazan Federal University; State Petroleum Technological University
Russian Federation
Russian Federation
Almira Z. Nagimova
Ufa
References
1. Ayupov A. (2016). On the importance and role of the masters program “Islamic finance” in forming a new economic order in Russia. Innovative Development of Economy, No. 1, pp. 245—247. (In Russian).
2. Bekkin R. (2007). Islamic economy: Between capitalism and socialism. Voprosy Ekonomiki, No. 10, pp. 147—155. (In Russian). https://doi.org/10.32609/0042-8736-2007-10-147-155
3. Bekkin R. (2013). Development of Islamic insurance in Russia. Problemy Sovremennoy Ekonomiki, No. 2, pp. 324—325. (In Russian).
4. Bekkin R., Aliskerov M. (2017). Peculiarities of the Islamic financial sector in Russia at the present stage and the perspectives for its development. Actual Problems of Russian Law, No. 4, pp. 60—64. (In Russian). https://doi.org/10.17803/1994-1471.2017.77.4.060-064
5. Zaripov I. (2016). Islamic finance in Russia: Рroblems of formation and way of their decision. The World of New Economy, No. 2, pp. 64—74. (In Russian).
6. Kalimullina M. (2010). Sociocultural factors in the national model of Russian economy (based on sociological research on Islamic economics and finance among the citizens of Russia and CIS countries). Ekonomika. Predprinimatelstvo. Okruzhayushchaya Sreda, No. 2, pp. 13—20. (In Russian).
7. Kalimullina M. (2017). Standardization of Islamic financial transactions. Actual Problems of Russian Law, No. 3, pp. 122—126. (In Russian). https://doi.org/10.17803/1994-1471.2017.76.3.122-126
8. Kalimullina M. (2018). On the directions of development of partner banking and finance. Bankovskoe Delo, No. 3, pp. 23—27. (In Russian).
9. Musaev R., Magomedova Y. (2018). Islamic economic model: Еssence and perspectives of the development in Russia. Russia and Asia, No. 2, pp. 75—80. (In Russian).
10. Nagimova A. (2018a). Raising Arab capital: Experiences of Russian regions. Mirovaya Еkonomika i Mezhdunarodnye Otnosheniya, Vol. 62, No. 2, pp. 57—61. (In Russian). https://doi.org/10.20542/0131-2227-2018-62-2-57-61
11. Nagimova A. (2018b). Mutual investments between CIS and Gulf countries. Moscow: Infra-M. (In Russian).
12. Soldatova A. (2018). Islamic financial instruments: estimation of relevance to traditional financial markets. Bankovskie Uslugi, No. 5, pp. 35—43. (In Russian).
13. Umarov K. (2015). Formation of the method to adapt Islamic accounting to Russian accounting standards. Auditor, Vol. 1, No. 4, pp. 58—63. (In Russian). https://doi.org/10.12737/10926
14. Chokaev B. (2015). Islamic finance: Opportunities for the Russian economy. Voprosy Ekonomiki, No. 6, pp. 106—127. (In Russian). https://doi.org/10.32609/0042-8736-2015-6-106-127
15. Shepelin G. (2016). The implementation of Takaful insurance in Russia: Present state, problems and prospects. Scientific Notes of the Russian Academy of Entrepreneurship, No. 49, pp. 377—385. (In Russian).
16. Axelrod R. (1976). Structure of decision: The cognitive maps of political elites. Princeton: Princeton University Press.
17. di Mauro F., Ongena S., Caristi P., Couderc S., di Maria A., Ho L., Grewal B. K., Masciantonio S., Zaher S. (2013). Islamic finance in Europe (Occasional Paper No. 146). European Central Bank.
18. Gait A., Worthington A. C. (2007). A primer on Islamic finance: Definitions, sources, principles and methods (Working Paper No. 07/05). University of Wollongong, School of Accounting and Finance.
19. Hoggarth D. (2016). The rise of Islamic finance: Рost-colonial market building in Central Asia and Russia. International Affairs, Vol. 92, No. 1, pp. 115—136. https://doi.org/10.1111/1468-2346.12508
20. ICD (2018). Russia: Bridging new horizons. Islamic Corporation for the Development of the Private Sector.
21. IMF (2010). The effects of the global crisis on Islamic and conventional banks: A comparative study. IMF Working Paper, No. WP/10/201. https://doi.org/10.5089/9781455205318.001
22. Kalimullina M. (2020). Islamic finance in Russia: A market review and the legal environment. Global Finance Journal, Vol. 46, 100534. https://doi.org/10.1016/j.gfj.2020.100534
23. Pew Research Center (2015). The future of world religions: Population, growth projections, 2010—2050. Pew Research Center, April 2. https://www.pewforum.org/2015/04/02/religious-projections-2010-2050/
24. Warde I. (2010). Islamic finance in the global economy. 2nd еd. Edinburgh: Edinburgh University Press.
Supplementary files
Review
For citations:
Nagimova A.Z. Islamic finance in Russia: Evidence from market participants. Voprosy Ekonomiki. 2021;(5):74-90. (In Russ.) https://doi.org/10.32609/0042-8736-2021-5-74-90
Views:
2427
Email this article 
