Islamic banking provides a specific tandem norms and values, which are based not only on beliefs, but also on the traditions of the entire Islamic nation.Russia and the Islamic banking is not only radically different, but in some points contradict each other.
standards of Islamic banking
Islamic financial system is functioning successfully, starting from the basic standards:
- loan interest is prohibited.Availability percent is not only regarded as usury, but also prohibited the Koran.
- Speculation is under strict veto.Using a problem or someone's difficulties in their financial interests is prohibited.In particular, it is considered unacceptable kind of earnings in the financial market, which becomes possible as a result of certain difficulties for the state.
- full veto on gambling, including lottery.
In addition to these restrictions, as the Islamic bank and its customers have no right to engage in investing in companies that provide goods and services that are contrary to the Muslim faith.It may be a corporation, engaged in the production of alcohol and tobacco, the activities associated with witchcraft.Although specific laws, Islamic banking is growing around the world with an average speed of 10 - 15% per year.Anything in the world can count about 300 institutions on the territory of at least 51 states, including the United States.
desire of Islamic banks to enter the international market
In the past few years, Islamic financial institutions have expressed their commitment to actively advancing into the international market.The world's media increasingly there are reports that the competent authorities are considering the possibility to establish and roll out Islamic banking in Russia.It is said that there are significant differences between the banking systems of the two states.The main difference of Islamic financial representative is to have the ban on the issuance of funds at interest.The main income is generated by sales of goods in installments at an inflated price.In Russia, the situation is the opposite.Banks do not have the right to sell all sorts of goods, with the exception of precious metals.The basic principle of the Russian banking is lending.
Mutual integration
Against the background of the economic situation in Russia, and as a result of severe sanctions by America and the European Union's efforts to establish a financial relationship with the Eastern financial institutions are quite natural.At the moment, the likely limited partnership words from Russian and negotiations between representatives of the financial structure of the east and representatives of the domestic banking sector.President of the Islamic financial institution Ahmad al-Madani, not to speak about what step towards each other States intend to make in June 2015.
representative eastern financial sector intends to visit Moscow to discuss the matter with the head of the Central Bank Elvira Nabiullina.Islamic banks in Russia are seeking to enter the market through local partners.Help for such a decision can be not only the relevance of financial support to domestic banks, but also the number of Muslims residing in the territory of Russia, where there are at least 20 million.To say more, domestic banks have shown interest to enter the Islamic market.In particular, Sberbank and "VTB" already had discussions with the authorized persons at the opening of its offices in the east.
active actions of Russia - have they?
Islamic Bank - a very specific financial institution and for its fruitful work must be created certain legal framework.That matter is now actively engaged in the State Duma, due to the fact that the main specificity of Islamic institutions - is the provision of goods by installments.A mutually beneficial partnership between the states will be possible only if the ban on the trading activities of commercial financial institutions will be completely annulled.The Central Bank has actively supported the initiative of the partnership.Towards financial cooperation, the Russian government turned thanks to the interest in this issue in Tatarstan, which was initiated by colleagues from Malaysia.
fertile ground
As stated above, the State Duma is preparing a bill sponsored by Dmitry Savelyev.He proposed an amendment, under which banks can sell the goods at a premium to its customers.The urgency of such a decision due to the fact that in Russia, a large percentage of Muslims who are in dire need of support from financial institutions, consistent with their faith.
Talk about how the Islamic banks, it is too early, as legislative barriers at the stage of elimination.In favor of cooperation is the fact that in the field of Islamic banking is concentrated at least two trillion dollars.At the moment in Russia it is functioning only three companies that provide services within the framework of Islamic law.This organization TNV "LyaRiba Finance" in Makhachkala, the company "Amal" in Kazan and PD "Masraf".
positive outlook of the two states
According to preliminary estimates, the Islamic bank in Russia is extremely popular not only among Muslims but also the indigenous inhabitants of Russia, representatives of other religions.The reason for the popularity of the supposed financial institutions lies in their loyal politics.There is no doubt that thousands of people would be interested in financial support, albeit through the purchase of a particular product, without additional insurance, no hidden fees and surprise charges.But most importantly, that the Islamic bank, under any circumstances will not sell customers' debts to collection agencies.It is even conceivable that a sufficiently large part of the customers of domestic financial institutions will make their choice in favor of the eastern partners.No need to be an expert of the financial market in order to understand that the mortgage in an Islamic bank will be provided on more favorable terms than in any domestic.
first Islamic financial institution in Russia
first in its history, the Islamic Development Bank in Russia has every chance to begin their activities in the beginning to the end of 2015.The financial institution may begin its work under the tutelage of "Infrastructure fund at the Islamic Development Bank."According to preliminary estimates, the total size of the fund's capital is 2 billion dollars.The very same financial institution is one of the largest funds in the investment target of infrastructure projects in at least 57 states, which are members of the IDB.
creation of the first Islamic bank is planned for the pilot area, in Tatarstan.This information was given by Anatoly Aksakov, who is president of the Association of Regional Banks.At the moment, the east and representatives of Tatarstan prepare technical and economic base that will bring an Islamic bank on the domestic market by the end of September 2015.The new credit institution will operate by the standards of the investment bank, and on the basis of participation.According to media reports, has already held meetings between representatives of the IDB and representatives of the Association of Russian Banks and the "Ak Bars".By the way, "Ak Bars" is the largest financial market participants Tatarstan.
unfortunate experience of creation of the first Islamic financial institution in Russia
in history has the experience, when attempts were made to introduce Islamic banking in Russia.It is interesting that the bank called "Badr-Forte" has worked for 15 years.It is said that a financial institution throughout its history of existence had some difficulties with the legislation of the country.While there was no question of modernizing legislation.The result of such innovation is obvious.Islamic Bank of Moscow was shut down, as it failed to provide services in accordance with Islamic law.The first experience was disappointing, as it does not enjoy the support of the Russian government.To function effectively in a country where most people do not practice Islam at least problematic.
Retreat from the law or find loopholes
in a tough economic crisis and at the lowest possible rate of the ruble, many domestic financial institutions lack liquidity.The situation has provoked the appearance of active talk about close cooperation with the Islamic economy, the introduction of new elements into a well-established financial structure of Russia.At the level of the government actively negotiating with the states of the OIC.To say more, the interest of the state in partnership with exotic countries began to appear in 2009.
It is from this period regularly conducted roundtable discussions among members of national governments, which are discussed questions of combining legislation.In history there are projects under which the territory of the country introduced Islamic financial institutions practicing the principle of non-interest rates.The trick is that Islamic banks in Russia, the addresses of which are not difficult to find, is not positioned as a property of the Bank, and have a different legal status.To say simply, in the actual Russian banking system introduced elements of Islamic banking.
«Islamic window»
«Islamic Development Bank" was able to provide its financial services in international markets and in the markets of countries that are home to a lot of Muslims, thanks to such concepts as "Islamic windows".The essence of the term is based on cooperation with the branch of Standard Bank, which operates in accordance with Shariah.Assets of Islamic and conventional departments are separate.Management and regulation takes place in a variety of formats.In the West, the practice of opening "Islamic windows" is very common.It is used in order to attract new customers segment.Islamic banking in Russia in this format, though there is, but is not strong enough.This category of establishments exist in almost semi-legal grounds.
jump from the past to the future, or what stops the Russian government
Despite the current lack of a legal framework for the opening of an Islamic bank in Russia, the first talks on the issue did not appear in 2006 in Moscow and in 1990.in Tatarstan.This is one of the largest secular Muslim republics in Russia.You may recall that in the early 1990s.Sberbank is planning the creation of an "Islamic window".In 1992, on August 14 in the media it received a formal declaration that will be created "United Islamic commercial bank."Unfortunately, the project has not been realized, and the said institution has never been opened.Despite the bad experience of cooperation with the East as well as in connection with the underfunding of domestic financial institutions, Islamic bank in Moscow we have already seen not as a project but as it is implemented by the prospect.
Modernization of the Tax Code of Russia
first thing to Russia for a successful partnership with the East - is the active development and modernization of tax law.It is necessary, first of all, for the implementation of tax neutrality.The bottom line is that the financial transactions of conventional banks in Russia are not taxed on the value added.As for the Islamic financial institutions, in accordance with their legislation on value added tax they have to pay VAT of 18%.At the same time being active discussions to increase the VAT to 20%.This puts the two types of financial institutions in the completely opposite competitive conditions, not only in the domestic market, but also internationally.Substantial revision is subject to policy control in respect of Islamic banks.We need not only to fully eliminate the obstacles to their development.It is important to think that the past is not abused its advantages.
The benefits of Islamic banking in Russia
At the moment, Russia has the opportunity to take advantage of Islamic banking in view of the fact that there is still no competition in this matter.China, due to economic and religious beliefs, is not considering the prospects of cooperation with the East.Credit in an Islamic bank, other specific financial services can stimulate the flow of funds to the state budget.Moreover, Russia is able to finance part of the new partner, which is important in a situation that takes place today.
