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Islamic Finance Budding Slowly in Russia

Published: June 30, 2014 (Issue # 1817)



  • The Qolşärif Mosque in Kazan, the republic of Tatarstan.
    Photo: Briandeadly / Flickr

There are at least 10 million Muslims in Russia, but only four public organizations where they can invest and borrow in compliance with the Quran.

Islamic finance is a fast-growing field worldwide, and proponents say it offers both ethical and practical benefits to the faithful and non-Muslims alike. Russia, however, lags behind in the industry, analysts and Russian Islamic financiers interviewed by The Moscow Times agreed.

Russian Muslims are slow to change their financial habits, while nonbelievers are plagued by a deep-rooted distrust of Islam as are, to some extent, the financial authorities, who are in no hurry to adapt economic legislation to facilitate Islamic banking, analysts said.

"The religious renaissance that spans all creeds in Russia does not mean people rush out to seek services that comply with their religion," said Andrei Juravliov, a leading expert on Islamic finance who teaches at Moscow State University.

Still, an Islamic finance industry has been budding over the past decade in Russia, and analysts and players show cautious optimism about its prospects.

"The niche is small, but the demand is better than, say, seven years ago," said Rashid Nizameyev, the head of finance house Amal, which is one of those four venues to provide Islamic banking services.

"There are more believers now though only a fraction try to actually live by their religion's customs," said Nizameyev, whose organization is based in Russia's predominantly Muslim republic of Tatarstan.

No Money From Money

The core tenet of Islamic banking is a ban on riba, or interest, and loaning money for profit. The ban comes straight from the Prophet Muhammad, and is spelled out in the Quran.

On the face of it, such a ban should eliminate any possibility of sharia-compliant banking but this is not actually the case.

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ALL ABOUT TOWN

Thursday, Oct. 2


The celebration of the bicentennial of the birth of Mikhail Lermontov continues with todays free exhibition in the citys Lermontov Library at 19 Liteiny Prospekt. Titled Under the Rustling Wings, the temporary exhibition will feature the costumes and scenery used in the 1917 production of Lermontovs play The Masquerade, which he wrote in 1835 when he was only 21 years old.



Friday, Oct. 3


Learn more about how to manage and evaluate employee performance during SPIBAs Human Resources Committee meeting this morning on Employee Assessment: Global and Local Trends. Starting at 9:30 a.m., the discussion will touch on such topics as the partnership between HR and business, reliable assessment strategies and more, with Tatiana Andrianova, the head of the SHL Russia and CIS branch in St. Petersburg, as the featured guest. Confirm your participation by Oct. 2 by emailing office@spiba.ru or calling 325 9091.


AmChams Procurement Committee Meeting is at 9 a.m. this morning in their office in the New St. Isaac Office Center on Ulitsa Yakubovicha.



Saturday, Oct. 4


Wine and cheese lovers will get their chance to revel during Scandinavia Country Club and Spas Wine Market Weekend. Going on today and tomorrow, wining diners can listen to live music, take part in culinary classes and, of course, sample a variety of fine wines from around the world. The cost of admission is 400 rubles ($10.30) for adults and 200 rubles ($5.15) for children.



Sunday, Oct. 5


Look for the latest fall fashions at the Autumn Market today in Freedom Anticafe at 7 Kazanskaya Ulitsa. The minimarket plans to offer clothes more flattering than the puffy jackets that are a staple of the citys cold-weather fashion, while offering the same amount of protection from the biting winds blowing off of the Baltic.



Monday, Oct. 6


SKA St. Petersburg, the citys KHL affiliate, welcomes Slovakian club HC Slovan in a match-up tonight at the Ice Palace near the Prospekt Bolshevikov metro station. The puck drops at 7:30 p.m. and tickets can be purchased on the clubs website or in person at either the arenas box office or the clubs merchandise store on Nevsky Prospekt.



Tuesday, Oct. 7


Learn more about Russias energy industry at the St. Petersburg Energy Forum that begins today and runs through Oct. 10. Attracting industry experts and political and business representatives, the forum plans to welcome more than 350 plus companies and their representatives to discuss the future of Russias largest economic sector.



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