CC BY
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global competition leads to a narrowing of the possibilities of multi-vector foreign policy for countries such as Uzbekistan.
Notes
1 http://expert.ru/2015/01/8/ shtatam-v-uzbekistane-ne-mesto/
2 http://ria.ru/world/20150413/1058213006.html
3 http://www.regnum.ru/news/polit/1907096.html
4 http://www.regnum.ru/news/ 1918709.html
5 http://www.regnum.ru/news/polit/1908183.html
6 http://www.regnum.ru/news/polit/1911471 .html
7 http ://www.warandpeace.ru/ru/news/view/87279/
8 http://expert.ru/2015/01/8/shtatam-v-uzbekistane-ne-mesto/
9 http ://rpg15.wordpress.com/2015/04/23/1417/#more-2466
10 http ://www.centrasia.ru/newsA.php?st= 1426828680
11 http://www.regnum.ru/news/polit/1913943.html
12 http://www.kommersant.ru/Doc/2630086
13 http://www.odnako.org/blogs/
"Rossiya i novye gosudarstvaEvrazii", IMEMORAS, Moscow, 2015, № 2, pp. 101-107.
A. Niazi,
Ph. D. (Hist), IOS RAS, Deputy editor of the bulletin "Russia and the Moslem World" ISLAMIC BANKS CAN WORK IN RUSSIA
A number of Russian financial institutions began to show interest in Islamic banking in the early years of zero, but overall the domestic banking system was indifferent to it in those years. Islamic banking was not considered even as a competitor, which could oust usurious and speculative capital. In addition, there were many concerns that Islamic finance can be used to fuel terrorism and religious extremism.
Those concerns exist for today, but gradually give way to a sober comprehension of the prospects of this non-traditional sector. It is developing successfully in both the East and the West. As experience shows, the work of Islamic banks and Islamic branches of conventional banks abroad is built on entirely transparent rules of business.
Militant jihadists receive significant monetary supply from other sources and other schemes. This may be an example of al-Qaida, the so-called Islamic State, a number of other major terrorist groups, as for small cells of extremists and single terrorists, they do not need a large sums of money usually.
Interest in Islamic banking has increased in Russia not only because of its rapid growth in the world and well-known difficulties in the national economy, but also in connection with public requests for ethical business. The Islamic experience of the issuance of loans to bypass usury "riba" attracts growing attention of Russian experts and the public, including the Russian Orthodox Church.1
Russian Muslims have shown a growing interest in Islamic financing, as evidenced by the increase in publications on this topic and materials posted on the Internet. The fundamental work of the Russian scientist R.I. Bekkin "Islamic economic model and Modernity" will be useful for readers, who are interested in the ethical economy. It makes serious corrections in the idea that there is no alternative to the existing global financial system. A detailed analysis of the formation of the Islamic economy and its individual institutions at the current stage is represented in the book.2
Usury is forbidden according to the religious and ethical norms of Islam. The value of money should not grow by itself in the Islamic system of credit, as it happens when they lent at interest, if a lender does not participate in the use of loans, he is not responsible for the results of his investment, and gets his profits guaranteed. Profit making
is justified according to modern interpretations of Sharia if the financier put on equal terms with the owners of other factors of production -land, property, equipment, physical and intellectual work. A financier actually becomes a businessman, a partner in the project.
The work of Islamic banks is built on the scheme of share participation in the income statement and is similar to the activities of investment funds. Banks can get the goods for the client in installments and resell it with the a predetermined margin, which is not subject to revision for the entire period of the contract. Banking costs are also included in the fee. Such transactions are called Murabaha. Another scheme - "mudaraba" reminds trust financing when a depositor invests surplus funds in the enterprise via bank and makes a profit on a par with the bank. The income is distributed in agreed proportions.
The bank acts as the manager - when working with an investment, or the client - if the project is funded. The bank can purchase the equipment and real estate, pay for transportation and other expenses to support the enterprise. The owner of the capital bears the losses in the event of failure, and the manager does not receive remuneration.
Another common type of contract - "musharaka" Participants invest their capital and share profits according to the stipulated proportions. It is paid not once, but regularly. Losses are distributed proportionally to the partnership shares in the invested capital. Moreover, Islamic banks provide pre-financing - salaam, mostly in the agricultural sector, conducted leasing transactions - Ijara, perform a number of other operations.
The main thing is that the bank and its customers are partners in the system of Islamic finance. Capital claim to part of the profit and the profit margin is calculated from particular terms of the deal. Acceptance of the project risk on the lender or the investor is implied. Revenue is
determined by the final result. Only the lender often bear financial losses on failure. Thus it is recognized that the losses incurred by the borrower and lead to unproductive expenditure of physical and mental energy and time are no less weighty than the money lost. In other words, the possible risks and losses do not mix and are a function of a particular resource: the money for the financier and human energy - for the entrepreneur. Deposits are replaced by transfer of funds under the management of banks, which are divided between them upon receipt of income, as opposed to the conventional system of payments on deposits. The work of the islamic bank is similar to the activities of a joint venture open fund.
It finances its assets emitting contracts on deposits, which are sold as "shares" for investors. Formed portfolio of assets is owned by customers. Since the profit of the bank or investor is not guaranteed initially, but it is derived from income, the bank or the investor can count on income only if the money is invested in the real economy and create real added value.
Another basic principle of Islamic banking is the prohibition of intentional unjustified risks beyond chance. Any random act for profit is prohibited, such action is referred to as "maysir" Unearned income obtained without labor or capital investment is also considered maysir. Therefore, Islamic banks do not engage in risky speculative operations in the financial market. "Gharar" is also prohibited. It is the uncertainty, the lack of completeness of the information about the subject of the agreement that led to an unreasonable risk. Thus, Sharia prohibits commercial transactions, where the condition is: the exchange of money and goods in the future at a price fixed at the date of the transaction; Trade in goods which is not available at the seller, and which he does not own - such as futures transactions (except salam
contract and its varieties); the contract where one or both parties are misled.3
Islamic banks carefully examine the proposed projects, transactions are made longer than usual, the performance of the contract is accompanied by close supervision of the financial organization. Despite this, the Islamic banking system shows a stable development in the last decade. Its attractiveness is growing not only among Muslims.
Islamic banks operate, not only in countries with a predominantly Muslim population, but also in Europe, USA, Australia, Canada, India, South Korea, Hong Kong, Singapore, Sri Lanka and the Bahamas - in more than 70 countries. Transnational corporations "IBM", "Alcatel", "General Motors" and "Mercedes" use the services of Islamic banking and the leading Western and Asian banks, "Deutsche Bank", "Nomura Securities", "Citibank", "Hong Kong and Shanghai Banking Corporation", "Chase Manhattan", "JP Morgan", "ABN Amro", "Societe Generale", "Goldman Sachs", "BNP Paribas" and others have Islamic department services.
A compound annual growth in global Islamic assets was observed at an average level of 17% in the period from 2009 to 2013 according to the latest report of the company Ernst & Young" on the competitiveness of the global Islamic banking. Islamic assets in commercial banks were estimated at $ 778 billion in international markets in 2014. Six emerging markets - Qatar, Indonesia, Saudi Arabia, Malaysia, UAE, and Turkey - controlled 82% of the international Islamic banking assets worth $ 753 billion in 2014. In Malaysia, Islamic banking is growing twice as fast as traditional. The same high level is also observed in Indonesia. It is expected that the assets of the six leaders of Islamic banking will show a compound annual growth of about 19% per year over the next five years and reach $ 1.8 trillion by 2019.4
The Islamic financial system in Iran, which is not ranked among the countries analyzed "EY", is managed by the state. According to analysts of "Thomson Reuter", Iran is the largest market for Islamic finance today. 48% of the global Islamic financial assets are a share of Iran, in comparison with 16% share of Saudi Arabia, which is the second. Total assets of the global Islamic finance exceeded the level of $ 1.6 trillion at the end of 2014.5 Assumed they can grow to 2 trillion by the end of 2015.6
The sector's share of Islamic banks is about 90% of all Islamic financial institutions. It is their most productive part and develops extremely rapidly, it is able to meet the growing needs of complex corporations and individuals to date. The market of Islamic bonds (sukuk) is developing rapidly. Another part of Islamic finance is represented by the assets of Islamic insurance companies, investment funds and stock markets.
The presence of the Islamic financial industry can be quite useful and timely for the Russian economy and the social sector. They suggest its involvement in the development of the domestic industry, railroads, small and medium business, science, close to the production, projects to support the poor.
The relevant committee of the State Duma, as well as experts from the Ministry of Finance, Central Bank, VTB Bank, the Association of Russian Banks and the Association of Regional Banks of Russia have begun a serious review of the operations of Islamic finance in Russia. Perhaps the state and private capital will attract Islamic finance from the various countries of the Muslim world as well as domestic investment, accumulated Russian Islamic banking in the near future.
It is possible that Russia's own Islamic bank will start full operation in the future. It is necessary to change the legislation and the
availability of necessary experts. In particular, it needs to amend the Federal Law "On banks and banking activity", which prohibits banks from engaging in the production and trading activities.
A small number of highly skilled professionals available. Training the required number of specialists is carried out both in the secular as well as Islamic educational institutions, including foreign ones. It is hoped that soon the Islamic banking as a promising segment of socially responsible investment, will take its rightful place in the Russian economy.
References
Prospects for the development of alternative banking were discussed in the State Duma. 05/18/2015. http://www.duma.gov.ru/news/273/1094337/?sphrase_id= 1749127Date Treatment 4/06/2015
R.I. Bekkin. Islamskaya ekonomicheskaya model i sovremennost. [Islamic economic model and the present.] Marjani 2010.
R.I. Bekkin. Islamskaya ekonomicheskaya model i sovremennost. [Islamic economic model and the present.] Marjani, 2010; R.I. Bekkin. Islamskie finansy v sovremennom mire. Ekonomicheskie i pravovye aspekty. [Islamic finance in the world today. Economic and legal aspekts.] Moscow: "Ummah", 2004; G. Nurullina. Islamic business ethics. [Islamic business ethics.] Moscow: "Ummah", 2004; G.F. Gabdrakhmanova. Islamskaya ekonomicheskaya model v Rossii: teoretiko-metodologicheskie problemy izucheniya. [Islamic economic model in Russia: theoretical and methodological problems of the study] // The confessional factor in the development of the Tatars: Conceptual study. - Kazan, 2009. - S. 101-124. Alla Korsun. Islamskaya finansovay sistema. [Of the Islamic financial system. Stereotypes and reality.] December 2011. http://www.islam.ru/ content/economica/ islamskay_finansovay_sistema. Date Treatment 04/15/2015
"World Islamic Banking Competitiveness Report 2014-15: Participation Banking 2.0". http ://www. ey.com/EM7en/Industries/Fmancial-Services/Banking-Capital-Markets/EY-world-islamic-banking-competitiveness-report-2014-15DateTreat-ment06/14/2015
Gurbanzade Behnam: "In 2014, the IBA has laid a solid foundation for the further development of Islamic banking in Azerbaijan". http://islamic-finance.ru/news/2015-01-12-1353DateTreatment 04/24/2015
2
3
4
5
Prospects for the development of Islamic finance in the world. March 21, 2014. The dynamics of assets of Islamic finance, 2006-2013., $ Billions. Source: Islamic Finance 2014. http://www.islamnews.ru/news-145030.html Date Treatment 05/09/2015. Islamic banking in Russia. 5 March 2015. http://cbkg.ru/news/islamskijj_ banking_v_rossii.html Source: creditbanking.ru Date Treatment 03/27/2015.
The article was submitted by the author for publication in the bulletin "Russia and The Moslem World".
7
CONTENTS OF "RUSSIA AND THE MOSLEM WORLD" BULLLETIN FOR 2015 № 1 (271) - 12 (282)
№ 1
Ahmet Yarlykapov. Adat, Shariah and Russian Law in the Modern North Caucasus: Results and Prospects (4-8); Jamilya Aliyeva. Specific Features of Politicization of Islam in Modern Daghestan (8-12); S. Akkiyeva. Kabardino-Balkarskaya Republic (13-18); Lola Dodkhudoeva. Tajikistan: Socio-cultural Code of the Epoch and Popular Islam (18-25); Elena Ionova. Domestic Political Situation in Uzbekistan (25-35); Boris Volhonsky. Hydroresources as a Factor of Geopolitics in South and Central Asia (35-53); Sergei Abashin. Migration from Central Asia to Russia: Model of a New World Oder (53-65).
№ 2
Mikhail Khazin. Discourse over the Map of the World (4-9); S. Pasandide. Salaphites and Struggle against Radicalization in Russia (10-13); E. Shcherbina. Monitoring the Situation in the Karachayevo-Cherkesskaya Republic (13-16); Aider Bulatov. Salaphism as Ideological and Political Movement in Muslim Ummah of the Crimea (16-21); N. Rakityansky, M. Minchenko. Political and Psychological
