Islamic Finance: Experience and Prospects
An active discussion on the establishment of the Islamic financial sector in the current financial system has been taking place in the past two years in the Russian Federation. Until recently, the main subject of discussions was what benefits these new types of financial relations could bring to the Russian economy. In general, all discussions agree that the development of Islamic finance will make it possible to attract into the economy, first of all, the savings of a part of the population which currently do not use the services of banks for religious reasons, and secondly, foreign investments by means of the issuance of Islamic securities by Russian companies. In this regard, the main task today is to establish standards governing the activities of Islamic financial institutions, and to introduce amendments into the existing legislation sufficient for the successful functioning of the sector.
Issues for Discussion
- Development of Islamic finance in the regions: the experience of companies and government agencies
- In what direction is the process of amending the legislation moving, towards a separate law or towards multiple legislative amendments?
- The role of the Central Bank in regulating Islamic finance
- Demand, supply, regulation: which one of these factors in the development of Islamic financial services lags in Russia?
- International experience of state regulation of the sector
Deputy Head, International Investment and Financial Market Research Laboratory, RANEPA; Senior Research Fellow, Gaidar Institute for Economic Policy
Associate Professor, Economics Faculty, Lomonosov Moscow State University
General Director, Islamic Financial Company “LyaRiba-Finance”
Advisor for Islamic Finance to the Minister of Investments and Development of the Republic of Kazakhstan
Adviser to the Deputy Chairman of the Board, Sberbank of Russia
Advisor to the Executive Board, Bank Group ZENIT
Chairman, the Branch Office of Islamic Finance, the All-Russian Public Organization Business Russia
Director General, Investment and Innovation Development Agency of the Republic of Chechnya
Adviser to the Prime Minister of the Republic of Tatarstan on Islamic Finance; President, the Islamic Business and Finance Development Fund