In the coming years, the volume of Islamic finance assets in the world market should grow by 9.6% and reach $ 3.8 billion. Such a significant increase is due not only to the fact that according to forecasts, the number of Muslims in the world will continue to grow, but also because Muslims and other religions are interested in using Islamic finance. In view of the fact, this topic is particularly relevant for Russia, where about 20 million Muslims live. This was discussed at the session of the Council of Islamic Banks and Financial Institutions “CIBAFI InFocus Session: Islamic finance in the CIS region: a way to integrate into the financial system in order to achieve economic growth and sustainable development” at the XIth International Economic Summit “Russia - Islamic World: KazanSummit 2019”.
Delegates from Malaysia and Turkey have shared their experience in the development of Islamic finance.
According to the Secretary General of the Association of Banks of Turkey Osman Akyuz has mentioned, 53 banks are currently registered in Turkey, carrying out financial operations in accordance with Islamic standards. The country's treasury is actively issuing sukuk bonds.
According to him, Turkey’s experience could be useful for both Russia and the CIS countries. The Chief Executive Officer of Salihin Shariah Advisory Services Sdn Bhd, Ahsen Lahsasna reminded, that Malaysia is today the world center for the development of Islamic finance. The main thing in this work, he pointed out, should be an orientation towards the needs of people and religion, and not receiving financial gain.
“Any activity should have a positive effect on society and the environment. The first thing to aim at is not making a profit, but meeting the needs of society and the planet as a whole”, he declared.
The Head of Islamic banking, PJSC "AK BARS" Bank Iskander Iskhakov noted, that the delay in the development of Islamic finance in Russia is due to the absence of any legislative regulation of Islamic finance.
As a result, for the full practical implementation of Islamic finance in Russia, it is necessary to change more than 30 laws, which obviously will take many years.
GSV "Russia - Islamic world"