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PLACE AND ROLE OF ISLAM IN REGIONS OF THE RUSSIAN FEDERATION, THE CAUCASUS AND CENTRAL ASIA
2017.01.006. A. GASSANALIYEV, Z. ABACHARAEVA. THE PROBLEM OF LEGITIMATE REGULATION OF ISLAMIC BANKING IN THE TERRITORY OF THE RUSSIAN FEDERATION / "Vestnik Dagestanskogo gosudarstvennogo universiteta. Seriya 3. Obschestvennye nauki", Makhachkala, 2016, Vol. 31, № 1, P. 56-64.
Keywords: Islamic banking, legal regulation, interest (riba), Shariah Council, the experience of foreign countries.
A. Gassanaliyev, Z. Abacharaeva,
Dagestan State University
The article deals with formation and development of Islamic banking in the Russian Federation, which today has acquired a special urgency in connection with the socio-political and economic situation, sanctions imposed on Russia by a number of states. The researchers outline approaches to solution of the problems of legal regulation of activities of credit institutions, which conduct these activities on the basis of legal norms of Islam.
The authors characterize Islamic banking, the main feature of which is compliance with the basic principles of Sharia as an alternative to the classical (traditional) banking. According to
Sharia, it is forbidden to invest in the businesses that provide goods or services considered forbidden, such as production and sale of alcohol, arms trade, bookmaking, etc. The fundamental difference between "Islamic banking" and the classic banking is the ban on payment of guaranteed interest both on credits and deposits, the so-called "riba". "Riba" means any interest on financial transactions where one party receives income at the expense of the other. The profit from financial-economic activities in Islam must always be associated with the assumption of the investment risk. The amount of interest on deposit is directly dependent on the outcomes of the activities of the bank, and payments for credits - from the success of implementation of the investment project funded by the loans. Any interest rate set in advance dependent on the terms and size of the loan and not dependent on success of the investments is called "riba" and is considered forbidden.
Islam favors deriving income, but condemns the use of interest in order to draw income. Social justice requires that borrowers and lenders received the reward or bear the losses on an equal footing and that the process of accumulation and creation of wealth reflected a real contribution to economic development. The Islamic bank has three main allowed sources of income: banking operations based on the principles of the Islamic economy, financial market operations and commission transactions.
The main types of banking operations, consistent with the principles of Islamic financing models are the following types of banking contracts. Mudaraba is a contract whereby the owner of free capital entrusts it to a person, capable to use it efficiently. Murabaha is a contract of sale and purchase of goods on a predetermined price that includes profit from the sale of goods. Musharaka is a partnership contract. According to a Musharaka agreement, the revenue is divided between the client and the bank in pre-agreed proportions. The losses are distributed in proportion to the contributions. Sukuk are the bonds meeting the
standards of Sharia. In its simplest form sukuk is ownership of the asset, or life interest of the asset and the incomes from it. Sukuk entitles you not just to a share in the cash flow, but also to the right of ownership. This distinguishes sukuk from conventional bonds as the latter are just interest-bearing securities, whereas sukuk are, in fact, investment certificates.
The question of legitimate regulation of Islamic banking has emerged in relatively recent times. It is not the only question, but a fundamental one. There is a number of obstacles on the way to development of credit institutions, operating on the basis of the principles of Islam. These include the lack of trained specialists in this field and existence of legal obstacles to establishment of Islamic banking as a full-fledged player in the financial market. All this is forcing Russia to look for internal reserves and new sources of foreign investment. The unused funds of citizensMoslems of the Russian Federation and foreign citizens from the republics of Central Asia, located on the territory of the Russian Federation can be used as internal resources. The states of the Middle East and Southeast Asia with which Russia maintains friendly relations are very attractive as sources of foreign investment.
With the purpose of intensification of these processes it would be timely, according to the authors, to develop an alternative Islamic model of economic relations, providing it support at the state level. The idea of development of financial institutions operating on the principles of Islam, declared by the government, will immediately resonate with Moslems both within the country and abroad, which fact, in its turn, will attract substantial resources to the Russian economy, permitting to make up for the cash outflow caused by the sanctions.
In contrast to the Moslem law, which regulates relations predominantly in Moslem society, the Islamic economic model can be used by representatives of various religious communities and not only the representatives of the community of Moslems. The basic principle of the Islamic economic model is to search for
an alternative to interest financing. Nowadays principles of Islamic banking prevail not only in Moslem states, but also in Europe and America. Among the Western banks there is a trend to open and maintain the so-called "Islamic Windows" (bank departments providing the services according to the rules of Islam).
As for the experience of the development of Islamic banking in the territory of Russia, both banks operating only according to principles of Sharia, and Islamic "Windows" in traditional banks, we have to admit there is little experience in this field. We only know about the existence of a small number of fully Islamic banks and a few banks that tried to introduce an "Islamic window". Among them are: the Kazan "Amal" and "Bulgar Bank" (CJSC) providing services in absolute accordance with the requirements of the Islamic law and the current legislation of the Russian Federation, the bank "Ak Bars", numbered among the thirty largest Russian banks.
One of the main problems is the lack in the legal field of the Russian Federation of statutory Islamic banking terminology, analogues of concepts used in the framework of the activities of banks, corresponding to Islamic principles in international practice. The Russian legal documentation does not stipulate what an "Islamic financial institution" is. In some non-Moslem countries there is a regulatory basis governing the activities of Islamic financial institutions. According to the authors, it is the Russian legislation that makes an obstacle to the formation of similar structures in Russia, in particular, certain provisions of the Civil Code, Tax Code, Banks and Banking Act, as well as many of the provisions and instructions of the Bank of Russia, which not only regulate, but encourage usurious banking activities.
In conclusion, the researchers argue that lack of financing instruments leads to concentration of risks in Islamic financial institutions. The uncontrolled formation of Islamic financial institutions within the frames of financial system may reduce its
resistance and increase financial instability. That is why legal regulation of Islamic banking in Russia should become one of the key questions which must be solved by legislative authorities.
The author of the abstract - V. Schensnovich.
2017.01.007. O. SENIUTKINA. MOSQUES OF THE VOLGA REGION IN SOCIAL PROCESSES IN MODERN RUSSIA //
"Religioznye missii na obschestvennoy arene: Rossiyskiy I zarubezhnyy opyt. IE RAS", Moscow, 2016, P. 255-260.
Keywords: mosques of the Volga region, multi-confessionality, traditional Islam, Imam, Ummah.
O. Seniutkina,
Dr. Sc. (History), Nizhny Novgorod State Linguistic University named after N. Dobrolyubov
Nowadays, in the fast-changing Russian and international reality the Moslems including the Volga ones have to think more deeply about the role of mosques as centers of mahalla life and more efficient use of the potential of Moslem communities. Of course, mosques should continue to be the centers of uniting of the Moslems offering prayers to the Almighty. They must be, as before, the places of communication and convergence of coreligionists. The original function of the mosque and its social purpose were purely internal to the emerging Ummah. That is, the mosque performed the tasks that it was to perform according to the norms of the Islamic doctrine: the tasks of the Moslems' prayer place. But from the very beginning of their history, mosques were not only prayer but also public buildings with a variety of functions.
The mosque in the beginning of its history at the time of the Prophet Muhammad and the righteous caliphs was not separated from state activities: even the religious buildings were constructed wall to wall with the residence of the Governor, it
