Pushkinskaya st. 43. office 10
Rostov-on-Don, Russia
e-mail: info@hjournal.ru 
tel. +7(863) 269-88-14

cubsEN (2)

Problems of adaptation of Islamic finance to the Russian conditions

Problems of adaptation of Islamic finance to the Russian conditions

Journal of Economic Regulation, , Vol. 9 (no. 2),

After the collapse of the USSR and the separation of all friendly republics, Russia remained a multi-national country. Today, the Russian Federation is ranked 21st in the world in terms of the number of inhabitants – Muslims. In 2017 there are 30 million Muslims and this is only officially and permanently living, but many live without registration, and according to the opinion of Govoruhin – a chairman of the committee of culture, 35–37 million people in Russia adhere to this religion. Consequently, about one-fourth of the population living on the territory of Russia, profess Islam. It can be assumed that 1/3 of this number strictly adhere to religious dogmas, so this contingent does not use traditional banking services because of religious preferences, but they will be able to consider the possibility of saving their savings using Islamic financial instruments. Thus, this topic is especially relevant and promising for the further development of the financial system of the Russian Federation, but the existing strategic and non-strategic barriers in the industry create serious obstacles for further adaptation and development of Islamic finance.

Keywords: financial system; Islamic finance; entry barriers; strategic barriers; non-strategic barriers

  • Ahmed, M. Al. (2016). Organizational and legal features of Islamic banking. Comparison of Islamic and traditional commercial banks. Discussion no. 6(69), 16–21.
  • Al Azzawi, A. (2017). Оn the question of the specificity of functioning of Islamic banking and the factors that stop its development in Russia. Vestnik, 4, 85–88.
  • Al Shadili Mohammed, H. H. (2016). Features and functions of Islamic banks. Regional development, 1, 5.
  • Bаgdaeva, E. I. and Аdzhieva, S. A. (2015). International and Russian experience of creation and development of Islamic financial institutions. Journal of Russian Entrepreneurship, 20.
  • Bahnasawy, А. (2017). Two years after opening, Germany’s only Islamic bank posts strong growth, mulls expansion (https://www.salaamgateway.com/en/story/two_years_after_opening_germanys_only_islamic_bank_posts_strong_growth_mulls_expansion-SALAAM20092017123127/ – Access Date: 05.05.2018).
  • Bekkin, R. I. (2013). Islamic financial law and its role in the regulation of Islamic Finance. Academic notes of Kazan University. Series: Humanities, 3-2.
  • BRICKS Online (2017). Islamic Finance-the main theme “Kazan summit-2017” (http://bricsmagazine.com/ru/posts/333bricsmagazine.com/ru/posts/333 – Access Date: 04.12.2017).
  • Chokayev, B. V. (2015). Islamic Finance: opportunities for the Russian economy. Economic Issues, 6, 106–127.
  • Damak, M. and Volland, E. F. (2016). Islamic Finance In 2017: Modest Growth Amid Oil-Price Woes. Islamic Finance Outlook 2017 Edition, September, 9.
  • Damak, M., Dubai, S. U., Saleh, N. and Tuli, P. (2018). GCC Islamic Banks Stay On Course Through Glum Operating Conditions. Islamic Finance Outlook 2018 Edition, 45.
  • Danchenko, E. A. (2015). Тhe Spread of Islamic banking products in the global financial market. Finance and credit, no. 25(649).
  • Dorofeev, P. I. (2017). How many Muslims in Russia (https://dedadi.ru/obshhestvo/skolko-v-rossii-musulman.html – Access Date: 04.12.2017).
  • Elakovа, A. A. and Shaymardanova, I. L. (2015). Islamic financial institutions. Economics and management, no. 5(45).
  • Hassan, M. and Dridi, J. (2010). The effects of the global crisis on Islamic and conventional banks: A comparative study. IMF Working Paper, no. 10/201.
  • Skripunov, A. (2016). “Islamic Windows” may appear in Russian banks (https://ria.ru/religion/20160201/1368271906.html – Access Date: 04.12.2017).
  • Terekhin, A. (2017). tens of thousands of Muslims gathered At the Cathedral mosque in Moscow for a festive prayer (http://www.ntv.ru/novosti/1826262/ – Access Date: 04.12.2017).
  • Zaripov, I. A. (2016). Islamic Finance as a strategic reference point of development of Russia. Vestnik of Financial University, 1.
Publisher: Ltd. "Humanitarian perspectives"
Founder: Ltd. "Humanitarian perspectives"
Online ISSN: 2412-6047
ISSN: 2078-5429