Tuesday, June 5, 2018

Challenges of Islamic Banking Establishment In Russia

Islam is the second most widely professed religion in Russia, and it is considered as one of Russia’s traditional religions and also a part of Russian historical heritage. After the felt of Soviet Union government removes restrictions on religion and freeing believers to embrace and implement the teachings of their religion. Whilst the followers of religions no longer need to concealed the perform of their religious rituals, muslims still have to face the lack of financial and banking services in accordance with Islamic teachings. Until the present time Russian Muslims have difficulties of getting access to Islamic Banking and have to use usury based financial system offered by conventional banking and financial institutions.

No doubt the establishment of Islamic Banking in Russia is very important. This is due to several factors. First of all is current political situation, the sanctions against Russia from a number of countries forced to seek for internal resources and foreign investment. Such internal reserves can be Russian Muslim citizens and immigrant workers from the republics of Central Asia located in Russia. As a sources of foreign investment can be countries of the Middle East and Southeast Asia. For intensification of these two processes government should support the establishment of Islamic Banking. The idea of financial institutions operating on the basis of Islamic principles should resonate Russian Muslims and attract significant investments into the Russian economy and compensate the outflow of capital caused by sanctions.

Penulis: Artur Gubaydullin
Bahasa: Inggris
Tahun Terbit: 2018
Halaman: xiv+ 170 hlm


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