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THE MOSLEM WORLD: THEORETICAL AND PHILOSOPHICAL PROBLEMS
TATIANA IGNATOVA, ANDREI DOBAYEV. ISLAMIC ECONOMY AND EVOLUTION OF THE HAWALA SYSTEM // "Islam in the Modern World," Moscow, 2016, vol. 12, No 4, P. 149-170 // English version of the article was submitted by the author for the bulletin "Russia and the Moslem World."
Keywords: Islamic economy, religious values, Muslim Ummah, Madhhab, zakah, riba, gharar, maisir, musharaka, havala.
Tatiana Ignatova,
Dr.Sc. (Economics), Professor,
Head of Chair of the Economic Theory and Entrepreneurship, the South Russian Institute of Management - Branch of the Russian Academy of National Economy and Public Administration under President of Russian Federation Andrei Dobayev, PhD (Economics),
Expert of Center of Regional Researches of Institute of Sociology and Regional Studies, the Federal University, Rostov-on-Don
Annotation. In the article based on works of the Russian and foreign scientists moral values of Islam as philosophy of economy, postulates of understanding of life which determined the central categories of Islamic economy are considered. The features of the modern Islamic economic doctrine and model which exerted impact on evolution of this branch of science and
predetermined vectors of its development are revealed. The authors argues that study of Islamic economy an finance presented by such categories as zakah, riba, gharar, maisir, musharaka, havala shows shortages of neoclassic approach and needs comprehensive complete civilization approach.
Economies in the states where Islam is presented and adopted as official religion, "absorbed" in themselves moral values from the above-stated sources of Moslem thought, first of all, concerning judgment of important moral and economic categories, such as:
- charity (for example, "waqf" (the property transferred by the state or the individual to the religious or charitable purposes) / English - Waqf, Wakf);
- objectivity and respectability (for example, "halal" (legal acts in Sharia) / English - Halal);
- strict prohibitions (for example, "haram" (in Sharia forbidden actions) / English - Haram));
- decency and honesty (for example, "Zulm" (cruelty, not right-dimensional operation) / English - Zulm).
Islam dictates a primacy of moral values over economic. In particular, Koran, Sunnah, Idjma, English Idjma - a consent, unanimous opinion or the decision of authority figures on the discussed question, one of sources of the Islamic law), Madhhab (English - Madhhab - school of the sharia right in Islam), Qiyas (English - Qiyas - judgment on analogies, one of sources of the Muslim right), Urf (English - Urf - the local custom which isn't contradicting Islam), fiqh ( English - Fiqh - the Muslim doctrine about rules of conduct (law), a complex of public regulations (the Islamic law in a broad sense)), examples of business behavior of the Prophet, works of the famous theologians, lawyers, philosophers, form the code of the moral laws regulating behavior of devout Muslims in all spheres of public life.
It should be noted directly that the above-stated sources of Islam and the categories appearing in them create fundamental
postulates of understanding of life in Islamic economy to which it is possible to carry the following:
- the unique authentic owner of all is Allah;
- the person and Muslim Ummah act as Allah's representatives, actually his deputies on the earth;
- the constructive labor is approved, in case of simultaneous perversity of usury, moneymaking, unfair distribution of material resources between Muslims;
- subordination of interests of the individual to society (Muslim Ummah).
The Islamic economy, according to developers of the idea, is aimed at providing basic needs of the person, using harmonious means whereas the traditional economy is guided in the basis by the material beginning, to some extent neglecting moral laws and prohibitions. The Islamic economy is formed on recognition of private property as it is treated by Sharia. Equally it is directed to distribution of representations of social solidarity by providing conditions for a unification and a cooperation between the equity and work in case of complete negation of a monopolism, and also to achievement of social justice due to reasonable compensation and unemployment eradication. Proceeding from it, the Islamic economy succeeds in permission of the most complex challenges of the present, establishment of balance between needs of the individual and progress of society.1
Act as founders of researches of Islamic economy:
- Abu Yusuf Yaqub ibn Ibrahim ibn Habib al-Ansari al or Abu Yusuf, 731-798, the prominent Islamic lawyer (fakikh), one of the most famous pupils Abu Hanify. After death Abu Ha-nify Abu Yusuf headed school of the first. Being the Supreme judge (incense al-kudat) the caliphate, promoted wide circulation of views of hanaf madhhab (legal school);
- Abu Mugammad Ali ibn Ahmad ibn Hazm al-Andalusi or Ibn Hazb, 994-1064 the Andalusian theologian, the polemist and the fakikh, the representative of zakhir madhhab, the poet and the historian;
- Abu Hamid Mugammad ibn Mugammad al-Gazali at-Tusi ash-Shafiya, (the Islamic theologian, the jurist, the philosopher and the mystic, one of the most authoritative teachers who are among founders of Sufism. The author about 70 scientific works on theological sciences, philosophy and Sufism;
- Abu Abbas Taki ad-Din Ahmad bin Abd as-Salam bin Abdullah of ibn Taymiiya of al-Harrani, the Islamic jurist of a hanbala madhhab, the theologian, the critic of innovations in religion;
- Abu Abdullah Shamsuddin Mugammad ibn Abu Bakr ibn Ayub of ibn Sa-ad ibn Hariz of ibn Makki Zaynuddin or Ibn Kayim of Dzhauziya, 1292-1350, the Muslim theologian, the prominent representative;
- Abu Zayd Abdu r-Rahman bin Mugammad bin Khaldun Al-Hadrami, Ibn Khaldun better known as Ibn Haldun, 13321406, the Arab philosopher, the economist, the historian, the social thinker. The author of a number of works, the most visible of which is "The big history";
- Jahmal Addin al-Afgani, 1838-1897, the Muslim reformer, the ideologist of Pan-Islamism in the works devoted to a role of Afghans in Egypt in "Tatimmat al-bayan fi tarikh al-Afghan," 1901, and also about nationalism and materialism in Persian ("Ressalah e Natsche-ria");
- Mirza Basheer-ud-Din Mahmood, English, 1889-1965, the Muslim public figure, the most known works are "Ni-zame Nau" (1942), "Islam ka Iqtisadi" (1945);
- and their followers: Naeem Siddiqi, Maulana Maududi, Muhammad Hamidullah, Mohammed al-Ghazali al-Saqqa, Muhammad Baqir al-Sadr, Manazir Ah-san Gilani, Ahmad Shaikh Mahmud.
In subsequence there were works of other scientists of Muhammad Uzair, Abdullah al-Araby, Nejatullah Siddiqi al-Najjar, Sami Hassan Homound who made an essential
contribution to an object of research, devoted to Islamic economy and finance.
Starting with the 1970th there were also essential events which influenced judgment and registration of Islamic economy already as independent scientific discipline, in particular:
- significant international conferences took place ("Conference of Ministers of Finance of the Islamic countries," 1970 in Karachi, etc.);
- the powerful Islamic international organizations are founded (Organisation of Islamic Cooperation (Organisation of Islamic Cooperation (OIC) till 2011 was called - the Organization of the Islamic Conference (OIC)), etc.);
- large world Islamic banks (Islamic Development Bank and some other) are founded.
M. Siddiki in a number of his published works2 formulated the main objectives of Islamic economy among which:
- provision to all people of equal opportunities;
- creation of due conditions for spiritual growth and self-development;
- satisfaction of the minimum needs in objects of the first
need;
- ensuring equal distribution of material resources in society;
- maintenance of economic stability and steady economic growth.
Considering such difficult economic system as Islamic economy, it is necessary to emphasize that it is inseparably linked with east life and actually reflects all set of views of devout Muslims onto economic activity. Such position is shared by most of the scientists studying Islamic economy: in opinion of A.D. Larionov, D.A. Al-Sharayrekh: "The Islamic economy is indissolubly interwoven into fabric of Muslim society, and on it make huge impact both general Islamic moral ethical standards, and the direct instructions containing in the Koran and Sunnah. Religious morals together with specific economic instructions
represent basis of Islamic economy and determine a number of its immanent postulates".3 And more: "It (Islamic economy) systematizes economic experience of a community of times of the Prophet Muhammad and the first Caliphs; it lays on the religious and legal base of Islam; scoops the specific forms in sources; at last, it is penetrated by a strong core of an ethical imperative".4
Considering the religious and moral components which significantly influenced the forming and development of Islamic economy given on the first pages of this article are deeper it is necessary to cover the following categories: charity (on the example of "waqf"), respectability and a prohibition (on an example "halal" and "haram") and others, the important, concerning relations to material resources.5
The waqf represents the property alienated in the charitable purposes. After transfer of a certain property to waqf (or, in opinion of other Muslim jurists, after the announcement of the decision on it) it stops being property of the founder of waqf, without becoming, at the same time, property of the one who receives waqf and manages it for the benefit of the beneficiaries designated by the founder of waqf. The institute of waqf is a typical example of splitting of the property right in case of which competences of ownership and use of property pass to beneficiaries, and the order is limited to declaration of will of the founder of waqf. But in Koran nothing is told directly about waqf, Muslim researchers consider this institute in the context of the verses devoted to questions of charity (2: 215, 264, 270, 280; 51: 19; etc.).6
Waqfs bear charitable, social, religious and moral functions as the money received from waqf can be used as sources of financing of medicine (medical institutions, personnel, scientific developments), religious institutions, education (higher educational institutions, libraries, teachers, students, service personnel) that allows to provide persons in need, having partially redistributed expenses from the government budget on merciful patrons, in result waqfs create a possibility of more fair
income redistribution in society. At the same time the property transferred to waqf can be movable and immovable.
Despite the existing distinctions in approaches of scientists on the attitude towards category waqf the following requirements imposed to them are universal:
- Sharia forbids to establish waqf directly for benefit of his founder and on the forbidden types of activity;
- directly piece of waqf shall exist actually;
- the waqf is termless and can't be withdrawn or aloof nobody after its organization;
- the waqf is to be profitable;
- the waqf is to be established for benefit of needy, people with limited opportunities.
The Islam moral distinguishes the important factor determining the impact on financial and economic activities of devout Muslims. Most of foreign and domestic authors carry to justice (respectability), and moral filling of the order economic resources (property and money).7
Such central religious categories as "haram", "halal", "zulm" and the above-considered "waqf" cause, on the one hand, importance of ensuring freedom of declaration of will of accounting entities, the competition and denial of monopoly, in case of simultaneous moral fullness of the financial and economic activities having an ultimate goal increase in level of public wellbeing.
On the other hand, the above-stated categories forbid devout any actions leading to oppression of interests of members of Muslim society and any manifestations of injustice on the attitude towards them. Therefore any transactions integrated to drawing a loss to Muslim society in general and to the specific individual in particular as in the form of making of the speculative transactions leading to a separation of the financial sphere from real economy, to corruption manifestations, implementation of fraudulent schemes whether for the purpose of illegal assignment the stranger of property in relation to
devout Muslims regardless that damage is direct or indirect, material or formal are recognized illegal.
The devout Muslim, according to earlier given Moslem sources, should realize that a true owner of any economic resource (all types of property, money and other material values) is Allah, and therefore, according to Islamic values, any resource shall be used most effectively for the benefit of all Muslim Ummah, at the same time bringing material remuneration to its owners (if the real value added was created, but there was no isolated increase in cash weight). In many respects this concept of "a temporary possession" of resources and human "representativeness" causes, on one hand, inadmissibility of accumulating, idleness and speculation, on the other hand, - the raised taxation of the idle economic resources, thereby stimulating charitable and investment processes in the economies practising Islam. In this regard it is explainable that the resources entrusted to the devout Muslim shall be used on the purpose pleasing to Allah. The above creates motive of fixed investment on the purpose pleasing to Allah and transfers by owners of resources in case of their business discrepancy to other more experienced and skillful persons.
In this regard it is necessary to agree that "... in Islamic economy money performs functions of currency and a saving (with certain restrictions). These functions are in many respects similar to traditional functions of money in the western countries. Basic difference is that in Islamic economy the cash system is considered as the inevitable mechanism of servicing of financial and economic requirements. Money plays a role of the technical tool, in fact, allowing to perform transactions of purchase and sale, but money in itself has no cost. . Along with traditional political economy the Islamic economic thought carries out distinction between money and the equity: money, in fact, is considered as the potential capital. However their transformation to the equity in Islamic model requires active participation of the owner of a money resource. That is profit earning by the
capitalist is justified if he is put in equal conditions with owners of other factors of production, actually itself becomes the entrepreneur, the partner within the project who isn't standing away from that business for which there is money. This new status, respectively, causes receipt of a profit share by it (or acceptances on itself parts of losses), but not fixed and guaranteed remuneration known as a loan interest. Remuneration is determined by the size of the contribution estimated from the point of view of the reached surplus of real wealth. Relations of the creditor and borrower are given new measurement".8
Major factors which predetermined formation of the modern economic doctrine are allocated9:
- disintegration of colonial system in the 20th century, and, respectively and weakening of the position of a number of the European countries in the states of the Middle East (a bus comment mainly Great Britain, France);
- aspiration of devout Muslims after disintegration of colonial system to an economic recovery and a frame of the national economic idea;
- perversity from the religious point of view of financial and economic activities for the western sample and similarity;
- increase of influence in certain spheres of the international business and rapid growth of material well-being of the Muslim population;
- exposure to the crisis phenomena western economic and financial systems.
The articles of an event provided in the beginning which influenced judgment and registration of Islamic economy, the happened important world institutional changes, and also the considered sources of Moslem created a basis of the Islamic economic model sounded during the carried-out League of Arab States in Tunisia November 15, 1988 of the scientific and practical conference (which took place soon after the emergency Summit
of League during the period from June 7 to June 9, 1988 in Algeria) which basis was formed by such theses:
- a true owner of everything existing in the world is Allah, the person can only dispose of what was entrusted to him by Allah;
- all processes happening in the world are predetermined Allah;
- the Islamic economic order shall be reflection of harmony and social justice;
- the private property in Islamic understanding can be limited only to the operating legal methods of its assignment, the order, a tax component and payment of possible debt obligations.
Professor of the Durham university M. Asutay allocates a number of the fundamental principles and axioms of Islamic economy10:
- monotheism (English - Tawhid) acts as the dominating and comprehensive ethical component which investigation is that people, being all Allah's children, are equal;
- social justice and social orientation (adalah, and Ihsan ) in interpersonal relations;
- harmonious growth, continuous self-improvement (English - Tazkiyah);
- creation of prerequisites to society (to the individual, society) in achievement of the superiority (English - Rububiyah);
- freedom of action, but directed to service to public interests (English - Fard);
- people are deputies (representatives) of Allah on the earth (English - Halifah / Khalifah) also shall perform and adhere to these principles.
All-Islam declaration of human rights completely and in detail expresses the existing concept of an Islamic economic order which basic provisions are the following11:
1. All the people have the right to use natural wealth in the economic activity. It is given by Allah to all mankind.
2. All the people have the right to earn means of livelihood in compliance with the law.
3. Any person has the property right which he owns individually or together with other persons. Nationalization of some economic means in public interests is legal.
4. Poor people have the right to the certain part of the fortune of the rich established zakyat and allocated according to the law.
5. All means of production shall be used for the benefit of all community. It is forbidden not to take them into consideration or it is bad to dispose them.
6. For ensuring development of the balanced economy and for protection of society against an exploitation the Islamic law forbids monopolies, excessively restrictive business activity, use of enforcement powers in case of the conclusion of transactions and the publication of false advertizing.
7. All types of economic activity if they don't do harm to interests of a community are resolved and don't break Islamic laws and values.
The modern Islamic economic doctrine is based, first of all, on Koran and Sunnah, examples of his business behavior of the Prophet of Muhammad. According to a number of scientists, the Islamic economy is a Muslim science, and the Islamic economic doctrine acts as a component of the global Islamic concept of life of devout Muslims. Taking into account that the dominating contribution so far to the Islamic economic doctrine was made by prominent Muslim theologians, lawyers and philosophers, is explainable that it incorporates the valuable reference points pledged in the Holy Koran which "determine admissible limits of economic motivations and investment decisions and prove morally the reasoned economic strategy of the person (entrepreneur) for the purpose of ensuring fair balance between material and spiritual needs, and also between individual and public obligations of the person".12
Due to stated the following reference provided by the Russian scientific R.I. Bekkin is of interest:
"In Koran there isn't a lot of the instructions at first sight which are directly devoted to questions of entrepreneurial activities. However Muslim lawyers consider it the main and indisputable source of the regulations for economic relations in society to this day. For example, in ayat 282 of sura Bacharach ("Cow") are in detail described rules of the conclusion of the agreement. However in general more essential role is played not by the regulations of direct action which are in detail regulating these or those types of the economic relations, and general provisions to which Muslim lawyers throughout centuries give special interpretation. For example, known ayat: "He is (Allah) -the one who created to you everything that on the earth..." (2:29) Muslim lawyers interpret as permitting, in addition to other, the private property institution, and ayat "Allah wants for you simplification, but doesn't want difficulty for you" (2:185) is the cornerstone of regulations that in case of a collision of two precepts of law the judge shall prefer that which execution requires smaller efforts from the person. The similar ayats which don't have, apparently, any relation to entrepreneurial activities throughout centuries stimulated creation by Muslim lawyers of the numerous works devoted to questions of regulation of the economic relations in society.
Source of Sharia, the second for importance, is Sunnah of the Prophet. Among huge number of the legends (hadis) which reached us it is devoted to questions of business activity. It is known that following to Sunnah is an important obligation of each Muslim. And the questions connected with business relations, here not an exception especially as witnesses the Muslim legend, Muhammad was quite successful businessman.
Islam is called religion of traders not without a reason. Many outstanding figures of Islamic history actively were engaged in trade. So, three from four Caliphs who were among the closest associates of the Prophet - Abu Bakr, Umar and
Usman, and also the father of the fourth Caliph Ali - were merchants, the founder of the largest legal school in Islam Abu Ha-nifa successfully combined occupation commerce with writing of outstanding theological and legal works. Moreover, the Islamic law began to develop on the basis of ayat of the Koran and sayings of the Prophet - the hadis devoted to these or those types of the trade and economic relations.
Examples of business behavior of the Prophet also found reflection in the hadis. For example: "Tell that Abu Rafi also will be happy with him God Allah, told: "Once the Prophet, the world to him and Allah's blessing, borrowed from one person of a young camel. When to it drove camels from a zakah, he enjoined to repay me a debt to that person. Later some time I returned to it and told: "I found only one beautiful camel who was on the seventh year of life". Then the Prophet told: "Give it to it because the best of people is the one who repays a debt in the best way."13 As a result, as fairly state Evdokimov V.V. and Gritsishen D.A.: "... implementation of the economic doctrine of Islam has bilateral nature. On the one hand, acts as final model of social and economic development, and with another, is means of achievement of it."14
The Islamic ethics of the financial and economic relations which are based on concepts of justice reject also a possibility of bribes, monopolization and provision of incorrect information in case of cost determination of securities, the fast and dishonest methods of enrichment, somehow doesn't accept: gambling or speculation in the stock market. The Islamic model estimates efficiency of the stock markets the volumes of investment into real projects in the sphere of the industry, agricultural industry, a construction, etc.15
It is necessary to state that under the influence of, first of all, Koran and Sunnah in Islamic economy certain types of activity in which devout Muslims are forbidden to be engaged were created. Treat them: production and sale of drugs; organization of hazardous institutions; production, sale of
alcohol, tobacco products, pork; all corruption manifestations; compulsion to occupation prostitution; involvement in the porn industry; rendering banking and insurance services on the western similarity.
The investigations in practical everyday life of devout Muslims, the considered religious and moral categories show the special relation to work, property, freedom of economical and economic activities, honesty, available material resources, taxation, number of following basic provisions16:
- ban of greed (Koran 102:1-8, 104:1-9);
- work in Islam takes the important place (the Koran 2:110, 2:254, 9:60, 73:20, 99:6-8);
- essential attention is paid to property rights protection (the Koran 6:13);
- obligatory observance of contractual commitments (Koran 2:80, 2:177, 2:282, 5:1, 16:90-95, 17:34, 61:10-12);
- honesty and decency in business relations;
- condemnation of wrong, inefficient use of material resources (Koran 4:5, 23:61);
- encouragement of effective housekeeping and trade in particular (capital utilizations);
- ban of inadequate (in value term) assets exchange.
It is necessary to refer to key categories of Islamic economy17:
1. Zakah (Arab. - tax for benefit of the needing Muslims);
2. Riba (Arab. debt increase against its initial size);
3. Gharar (Arab. - inadequate risk);
4. Maisir (Arab - income formed as a result of accidental combination of circumstances);
5. Musharaka (Arab. - partnership, foundation).
Zakah. In Islamic economy zakah throughout already many centuries takes the significant place. It is caused by what is zakah, as we know, is carried to number of five main confessional obligations of the devout Muslim. Besides, zakah in the states in which Islam acts as the main religion, it is quite often fixed in
quality of official collection (tax) which size is in direct dependence on an asset type.
In Muslim Ummah zakah traditionally it is comprehended nevertheless more as a donation, collection or assignment, than a tax. Stated the Islamic economist Sabbakhaddin Zaim supports with zakah18:
- extends only to Muslims;
- is one of confessional obligations for the devout Muslim that fills this category moral, it is moral also religious components, prevailing at the same time over financial and economic;
- it is irretrievable and non-paid;
- and also by the fact that a payment procedure of a zakah, its size are permanent and failure to pay a zakah can't be forgiven by Allah.
Zakah in the economic plane performs several important functions:
- promotes equalization of level of living of the population, smoothes the formed social gaps that as a result reduces social intensity;
- stimulates investment activity;
- creates culture of consumption among Muslim Ummah, constantly reminding that an authentic owner of all is Allah.
It is necessary to state that in modern Islamic economy there is no unity concerning the size of a zakah, its subject and subject of taxation, and also procedures of its payment. At the same time it is accepted some zakah assets which meet certain conditions, namely when are assessed:
- the size of assets at the time of calculation of a tax amount exceeds nisab (a minimum of the property which is subject to zakah taxation);
- assets are in property of the taxpayer within a year;
- assets are purchased in the legal way;
- the commercial transactions made with these assets don't contradict Sharia;
- assets are intended for private use.
It is necessary to make a reservation that the taxation subject in Islamic economy is so extensive that deserves separate detailed consideration. However for general understanding it is necessary to consider that zakah isn't the unique collection in Islamic economy, there is a number of circumstances which resolve use and other taxes and fees, uncharacteristic for usual conditions. According to M. Kafkh, sharp decrease in revenues of the budget of the state in case of simultaneous significant increase in a defense expenditure can be the basis for entering of the additional taxes.19
Riba. It is worth paying attention that in Islamic economy judgment of the place, functions and the nature of money significantly differs from the similar approaches taking place in traditional economies. In Islamic economy, contrary to popular belief, don't condemn money as the economic category (performing functions of a measure of value, means of the address, a saving and so forth), as well as in traditional economies the religion doesn't condemn money as the instrument of making of economical and economic activities.
At the same time, it is necessary to mark out the important difference characteristic of Islamic economy - a surplus of money, profit earning is approved when direct owner of financial resources takes active and mutual part in the project on an equal basis with other parties and divides possible profits and risks. Stimulation of investment into sector of real production where workplaces are created is characteristic of Islamic economy, with some clauses, demanded products are turned out, that is in general society receives the visible benefits from such activities. In this case participants can draw interest from profit, adequate to the amount of their investments into the project, but at the rate of actually got profit, but the income which isn't fixed in advance which is expressed in the loan interest condemned by Sharia.
Consequence of such religious and ethical approach to essence of money is the riba. The essence of a riba consists in a
prohibition of a number of transactions in which increase in the amount of the taken debt in comparison with its initial size is seen. The prohibition on the transactions (containing a riba) is a basis of activities of Islamic financial institutions and ideological basis of the interest-free economy offered by Islamic economists.20 Modern Muslim ideologists interpret a prohibition of a rib as the regulator of economic life, claiming that with its help creation of fair society as the fixed loan interest strengthens a tendency of accumulation of wealth in hands of the few is possible and promotes dissociation of people, guaranteeing profit without risk of loss of invested funds, constrains investments and reduces employment.21
It is necessary to emphasize that from the religious point of view are condemned regardless of the size, a form, shares all those who sign the agreement (within which the riba takes place) or act in the signed agreement as the impartial person.
Researchers of Islamic economy incline that the riba is characteristic mainly of transactions which assume exchange of goods for goods. However in separate publications it is mentioned that the share of the transactions containing a riba in cases of commodity-money exchange extremely slightly, but the same time tends to insignificant increase.
Garar. Except earlier designated fundamental provisions the important place in Islamic economy is taken by category "garar." Garar it is possible to treat as unreasonable, excessive, unnecessary, inadequate, not subcrepe-lenny, unjustified risk or danger.
It should be noted that, according to researchers, Sharia doesn't condemn risk - it is allowed in the sense that any of contract parties can't apply for guaranteeing itself against the related possible losses at the expense of other party or the parties. Is recognized that any economic transaction is integrated to risk which the parties can count on a basis of the available information and, thus, realize consequences of the actions.22
The risk in Islamic economy isn't condemned if any of the parties (which participates in the contract) doesn't make attempts to protect itself from the related possible losses at the expense of other participants involved in the specific economic activity connected with contract performance.
At the same time, Sharia strictly forbids senseless risk and a vagueness (inaccuracy, an ambiguity, ambiguity), from a legal point of sight, in a formulation of factors which are considered by economic actors when calculating possible benefit from the transaction if these factors unreasonably increase risk for participants of the transaction.
Sharia condemns receipt of unilateral benefits during implementation of the contract by more informed contract party, and also the conclusion of transactions where deception is seen (from awareness of one contract party).
In general, garar is possible to consider as a result of information asymmetry. The Islamic view of asymmetry such consists in its ethical interpretation, that is Sharia condemns receipt of unilateral benefits by more informed contract party. On the practical level behind the term "garar" there is a prohibition on the contract containing an element of the delusion or deception resulting from use of lack of information of other party by one party in respect of the subject of the contract, its price or exact characteristics information asymmetry, certainly, is generated also by such situation when terms of the contract or the expected result can be perceived by its participants differently, that is they are accidentally or intentionally given ambiguous nature.
Thus, unacceptance of excessive risk in the concept of Islamic finance implies:
1. Need of symmetric distribution of risk among participants of the transaction;
2. Material completeness of the transaction, i.e. the financial transaction shall be directly or indirectly connected with the real transaction;
3. Need of observance of the rights of each party.
Maisir. This category is closely interconnected with category garar. Maisir (with the Arab. - the gambling) means the profit got by the person in result of accidental combination of circumstances. Such income is, as a rule, gained as a result of spontaneous ("parasitic," as east researchers write) the activities which aren't connected with real production.
The main function of a maisir consists in a prohibition of activities which distract from productive occupation, and at the same time the wealth is created without efforts, for the loss account and losses of other party.
Musharaka. The following category of the Islamic economy caused by prohibition of collection of interest for using money is musharaka (the Arab. - partnership) which goes back to ancient forms of the commercial partnership existing in the Middle East. Now on a basis of a musharaka the majority of transactions in Islamic banking is performed. According to a musharaka, the share of each partner in profits and losses is determined by the special agreement in which all special financing terms make a reservation. Various forms of cross liabilities within musharaka allow to perform the business activity bringing profit, bypassing in a certain measure at the same time a prohibition of a rib.
In Islamic model cash assets are created as the answer to investment opportunities in real sector, respectively, non-financial institutes set rate of development of real economy, and on the contrary, the occupational sector itself creates for itself the favorable investment climate.
It should be noted that all above-considered central categories of Islamic economy in a certain measure affected, and also continue to make essential impact on financial instruments of an Islamic bank system, including system "ate," determining vectors and features of their development. Taking into account stated it is advisable to consider the most important Islamic bank instruments in details.23
Mudharabah or Mudarabah is an agreement signed between two parties when one party (rabbat which is small) completely provides necessary the equity for financing of the project, and another (Mudarib) - is engaged in management of the project, using the entrepreneurial capabilities. The profits resulting from implementation of joint business are distributed in the order established in advance. Losses, in case of their origin, will become covered at the expense of means the slave is scarlet-is small if only they weren't caused by contract breaches from a mudarib. That is this tool is in essence derivative and directly acts as the embodiment of the principle of participation in profits and losses.
Murabahah - is represented by transaction financing, most often trade, by the principle "expenses of bank plus a markup" generally with payment by installments of compensation by the client. This type of financing is the contract between bank and its client on sales of goods on a special price which includes the margin approved in advance, that is a difference between a purchase price and a selling price. This margin constitutes profit of bank. Transaction includes acquisition of specific goods by bank on a customer requirement, and then sale of these goods to the client with a markup. Payment is made step by step during time period established in advance. This transaction type reminds such service of the western commercial banks as sales of goods by installments with the established percent (or, in a different way, a consumer loan).24
Musharakah represents an Islamic method of a cooperation in the financial sphere when two parties unite the equities for financing of any project, at the same time profit they divide in advance determined order, and losses - depending on equity in the equity. Project management can be exercised jointly of two parties or some one party. It is quite flexible type of a cooperation as a method of separation of profits and losses, and also management can be stipulated by the parties in advance -participants of the agreement. The essence of this agreement
comes down to the fact that two and more parties enter the business partnership relations with in advance determined equity and mutual separation of profits or losses.25
It is usually applied in case of formation of business partnerships and joint businesses. Profits are shared in the proportion randomly approved by project participants while losses are charged to the parties in proportion to shares of their participation in the project.26
Islamic banks in the activities operate also with other numerous financial instruments permitted by Sharia allowing to leave from percentage to which it is possible to carry the following the main: Baitum Maal, Idjara, Qardul Hasanah, Salam and some other.27
Thus, taking into account stated above, some research works on Islamic economy are represented superficial and fragmentary when its separate lines and benefits in comparison with other systems are treated as exclusively endogenous mechanical components. Actually Islamic economy and its tools is the embodiment of moral values of Islam, and therefore the process of separating system elements and considering them from the point of market economic efficiency is scientifically limited without comprehensive complete civilization approach.
References
i
V. Evdokimov, D. Gritsishen. Islamskaya ekonomicheskaya doktrina kak sreda formirovaniya i razvitiya islamskoy modeli buhgalterskogo ucheta. [Islamic Economic Doctrine as an Environment for the Formation and Development of the Islamic Accounting Model //Mezhdunarodnyy buhgalterskiy uchet. 2012. № 29.
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Islamskie finansovye instituty v mirovoy finansovoy arhitekture [Islamic financial institutions in the world financial architecture.] / Edited by K.V. Kochmola. Rostov-on-Don: RGEU "RINH", 2010 - P.37. I. Dobayev, A. Dobayev. "Novyy terrorizm": globalizaciya i socialno-ekonomicheskoe rassloenie. ["New terrorism": globalization and socioeconomic stratification.] / / Mirovaya ekonomika i mezhdunarodnye otnosheniya. - 2009. - № 5.
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A. Philonik. Finansovye struktury Blizhnego Vostoka. [Financial structures of the Middle East.] // Moscow: IIIiBV, 1996. P.12
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All-Islam declaration of human rights. URL: http://www.worldislamlaw.ru/ archives/122 (Date of reference: 03.10.2016.)
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R. Bekkin. Biznes po musulmanski [Business in a Muslim way] // Tatarskiy mir. 2003. № 18 (28). P.8.
V. Evdokimov, D. Gritsishen. Islamskaya ekonomicheskaya doktrina kak sreda formirovaniya i razvitiya islamskoy modeli buhgalterskogo ucheta. [Islamic Economic Doctrine as an Environment for the Formation and Development of the Islamic Accounting Model] / / Mezhdunarodnyy buhgalterskiy uchet. 2012. № 29.
4
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15 I. Zaripov, A. Petrov, D. Zhitov. Islamskoe bankovskoe delo: istoriya razvitiya / / [Islamic banking: history of development.] / / Mezhdunarodnye bankovskie operacii. 2006. № 4.
16 R. Bekkin. Nekotorye elementy islamskoy ekonomiki [Some elements of the Islamic economy] //Problemy sovremennoy ekonomiki. 2002. №1 (1).
17 A. Dobayev. Sistemy perevoda deneg ili cennostey: mesto i rol sistemy "havala". [Money transfer systems or values: the place and role of the "hawala" system.] // Gosudarstvennoe i municipalnoe upravlenie. Uchenye zapiski SKAGS.2015. No. 1. P. 97.
18 Sabahaddin Zaim. Recent Interpretations of the Economic Aspects of Zakah / / Management of Zakah in Modern Muslim Society. - 2000. P. 112.
19 Monzer Kahf. Taxation Policy in an Islamic Economy / / Readings in Public: What is usury? URL: www.islamic-finance.com/item5_f.htm (Date of reference: 07.10.2010.)
20 Islamskie finansovye instituty v mirovoy finansovoy arhitekture [Islamic financial institutions in the world financial architecture]/ Edited by K.V. Kochmola. Rostov-on-Don: RGEU «RINH», 2010. P. 137-138.
21 Islamskie finansy v sovremennom mire: ekonomicheskie i pravovye aspekty: Sbornik nauchnyh trudov. [Islamic finance in the modern world: economic and legal aspects: Collection of scientific papers.] / Responsible editor R.I. Beckin. Moscow: Umma Publishing House, 2003. P. 220.
22 R. Bekkin. Ssudnyy procent v kontekste religiozno-eticheskih hozyaystvennyh sistem proshlogo i sovremennosti [Loan interest in the context of religious and ethical economic systems of the past and the present.] // Voprosy ekonomiki. 2007. № 2. P. 152.
23 I. Dobayev, A. Dobayev, V. Nemchina. Geopolitika i terrorizm epohi postmoderna. [Geopolitics and terrorism of the post-modern era.] // Rostov-na-Donu: Izdatelstvo YuFU, 2015. - P. 78-98.
24 S. Khoroshilov. Bankovskiy sektor stran-chlenov soveta po sotrudnichestvu v persidskom zalive [Banking Sector of the Countries of the Council on Cooperation in the Persian Gulf.] / / Mezhdunarodnye bankovskie operacii. 2006. № 4.
25 I. Zaripov, A. Petrov, D. Zhitov. Islamskoe bankovskoe delo: istoriya razvitiya / / [Islamic banking: history of development.] / / Mezhdunarodnye bankovskie operacii. 2006. № 4.
26 S. Khoroshilov. Bankovskiy sektor stran-chlenov soveta po sotrudnichestvu v persidskom zalive [Banking Sector of the Countries of the Council on Cooperation in the Persian Gulf.] / / Mezhdunarodnye bankovskie operacii. 2006. № 4.
27 Amjid Ali. Viewpoint: Shariah Law - Brining a New Ethical Dimension to Banking / / Islamic Finance Instruments and Markets. - London, 2010. -P. 3-6; Abdel-Rahman Yousri Ahmad. Islamic Modes of Finance and the Role
of Sukuk // Islamic Finance Instruments and Markets. - London, 2010. - P. 710; Andreas Jobst. Risk Management of Islamic Finance Instruments / / Islamic Finance Instruments and Markets. - London, 2010. - P. 31-38; Bilal Rasul. Identifying the Main Regulatory Challenges for Islamic Finance // Islamic Finance Instruments and Markets. - London, 2010. - P. 21-24; Daud Vicary Abdullah and Ramesh Pillai. Procedures for Reporting Financial Risk in Islamic Finance // Islamic Finance Instruments and Markets. - London, 2010. - P. 109-112; Mehmet Asutay. Islamic Microfinance: Fulfilling Social and Developmental Expectations / / Islamic Finance Instruments and Markets. - London, 2010. - P. 25-30; Qudeer Latif and Susi Crawford. Introduction to Islamic Financial Risk Management Products / / Islamic Finance Instruments and Markets. - London, 2010. - P. 11-16.
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R. Bekkin. Institut vakfa v socialno-ekonomicheskoy i politicheskoy zhizni musulmanskih stran [Institute of Waqf in the socio-economic and political life of Muslim countries] // Vestnik SPbGU. 2008. № 3.
R. Bekkin. Nekotorye elementy islamskoy ekonomiki [Some elements of the Islamic economy] //Problemy sovremennoy ekonomiki. 2002. №1 (1).
R. Bekkin. Ssudnyy procent v kontekste religiozno-eticheskih hozyaystvennyh sistem proshlogo i sovremennosti [Loan interest in the context of religious and ethical economic systems of the past and the present.] // Voprosy ekonomiki. 2007. № 2. P.152.
A. Dobayev. Sistemy perevoda deneg ili cennostey: mesto i rol sistemy "havala". [Money transfer systems or values: the place and role of the "hawala" system] // Gosudarstvennoe i municipalnoe upravlenie. Uchenye zapiski SKAGS.2015. No. 1. P. 97.
I. Dobayev, A. Dobayev. "Novyy terrorizm": globalizaciya i socialno-ekonomicheskoe rassloenie. ["New terrorism": globalization and socioeconomic stratification] / / Mirovaya ekonomika i mezhdunarodnye otnosheniya. - 2009. - № 5.
I. Dobayev, A. Dobayev, V. Nemchina. Geopolitika i terrorizm epohi postmoderna. [Geopolitics and terrorism of the post-modern era.] // Rostov-na-Donu: Izdatelstvo YuFU, 2015. - 370 p.
V. Evdokimov, D. Gritsishen. Islamskaya ekonomicheskaya doktrina kak sreda formirovaniya i razvitiya islamskoy modeli buhgalterskogo ucheta. [Islamic Economic Doctrine as an Environment for the Formation and Development
of the Islamic Accounting Model // Mezhdunarodnyy buhgalterskiy uchet. 2012. № 29.
I. Zaripov, A. Petrov, D. Zhitov. Islamskoe bankovskoe delo: istoriya razvitiya // [Islamic banking: history of development.] // Mezhdunarodnye bankovskie operacii. 2006. № 4.
Islamskie finansovye instituty v mirovoy finansovoy arhitekture [Islamic financial institutions in the world financial architecture.] / Edited by K.V. Kochmola. Rostov-on-Don: RGEU "RINH", 2010.
Islamskie finansy v sovremennom mire: ekonomicheskie i pravovye aspekty: Sbornik nauchnyh trudov. [Islamic finance in the modern world: economic and legal aspects: Collection of scientific papers.] / Responsible editor R.I. Beckin. Moscow: Umma Publishing House, 2003.
S. Khoroshilov. Bankovskiy sektor stran-chlenov soveta po sotrudnichestvu v persidskom zalive [Banking Sector of the Countries of the Council on Cooperation in the Persian Gulf.] / / Mezhdunarodnye bankovskie operacii. 2006. № 4.
A. Philonik. Finansovye struktury Blizhnego Vostoka. [Financial structures of the Middle East.] // Moscow: IIIiBV, 1996.
Abdel-Rahman Yousri Ahmad. Islamic Modes of Finance and the Role of Sukuk // Islamic Finance Instruments and Markets. - London, 2010. - P. 7-10;
All-Islam declaration of human rights. URL: http://www.worldislamlaw.ru/ archives/122 (Date of reference: 03.10.2016.)
Amjid Ali. Viewpoint: Shariah Law - Brining a New Ethical Dimension to Banking / / Islamic Finance Instruments and Markets. - London, 2010. - P. 3-6.
Andreas Jobst,. Risk Management of Islamic Finance Instruments / / Islamic Finance Instruments and Markets. - London, 2010. - P. 31-38.
Bilal Rasul. Identifying the Main Regulatory Challenges for Islamic Finance / / Islamic Finance Instruments and Markets. - London, 2010. - P. 21-24.
Daud Vicary Abdullah and Ramesh Pillai. Procedures for Reporting Financial Risk in Islamic Finance / / Islamic Finance Instruments and Markets. -London, 2010. - P. 109-112.
Mehmet Asutay. Islamic Microfinance: Fulfilling Social and Developmental Expectations // Islamic Finance Instruments and Markets. - London, 2010. -P. 25-30.
Monzer Kahf. Taxation Policy in an Islamic Economy / / Readings in Public What is usury? URL: www.islamic-finance.com/item5_f.htm (Date of reference: 07.10.2010.)
Qudeer Latif and Susi Crawford. Introduction to Islamic Financial Risk Management Products / / Islamic Finance Instruments and Markets. -London, 2010. - P. 11-16.
Sabahaddin Zaim. Recent Interpretations of the Economic Aspects of Zakah / / Management of Zakah in Modern Muslim Society. - 2000. P. 112.
Siddiqi M.N. Outline of Lectures on Islamic Banking and Finance. URL: http://www.siddiqi.com/mns/Islamicbankinghandout.htm (Date of reference: 17.09.2016.)
CONTENTS OF "RUSSIA AND THE MOSLEM WORLD" BULLETIN FOR 2017 №№ 1 (295) - 4 (298)
№ 1 (295)
Anatoly Lubsky, Oksana Posuchova. Nation Building Projects and National Integration Models in Russia (6-10); Sergey Novoselov. Russia in the Changing World Order (10-14); Shukran Suleymanova. Political Discourse of Islam in the 21st Century (15-19); Mukhlan Yahyaev. Factors of Reproduction of Extremism and Terrorism in Modern Russia: A Comprehensive Analysis (19-21); Vladimir Zorin. The Moslems of Russia: Fundamentals for Civil Identity Forming (22-26); Aygum Gassanaliyev, Z. Abacharaeva. The Problem of Legitimate Regulation of Islamic Banking in the Territory of the Russian Federation (27-31); Olga Seniutkina. Mosques of the Volga Region in Social Processes in Modern Russia (31-35); Viktor Chigrin. Features of Integration of the Crimean Ethnic Groups in the Russian Multi-Ethnic Community (36-40); Nina Garunova. The Question of Culture and Interaction of Tolerance Problems of Counteraction to Youth Extremism and Terrorism in Daghestan (41-44); Seda Zhemchuraeva. On the Question about the Position of Religion in the Structure of the Chechen Identity (44-47); Dmitry Popov. Tajikistan Facing the Threat of International Terrorism (48-53); Ivan Volkov. System of Inter Confessional Relations in the Russian Turkmenistan as a Basis for the Inter-Civilized Cooperation in Central Asia (53-57); Alexandr Samokhin. Particular Aspects of Geopolitical Study Valid for the Syrian Crisis (2011-2016) (58-61); Kamil Azimov. Who is Behind the Coup Attempt in Turkey? (61-64); Ruslan Suleimanov, K. Khikmetov. The Role of the 'Kurdish Factor' in the Coup
Attempt in Turkey on July 15, 2016 (65-76); Alexander Yakovlev. Power and Violence in Saudi Arabia: Evolution of the Goals and Methods in the Early 21st Century (76-80); Elena Muzykina. Position of Religious Components in the Iran-Saudi Conflict (80-83); Vladimir Kirichenko. The Shiite Community in the Political Life of Kuwait (83-89); Yuri Zinin. Key Actors of Internal Political Conflict in Libya (90-93); Alexander Vavilov. Migrant "Flood" in Europe (94-97); Olga Bibikova. Migration Crisis in 2006 and its Consequences (97-102); Igor Dobayev. Evolution of Ideological Doctrines of Taqfiri-Jihadists (103-114); Andrey Manoilo. "Soft Power" of Terrorist (115-120); Svetlana Orlova, Tatiana Sedova. Arab Spring: Hopes and Disappointments (121-124).
№ 2 (296)
Vladimir Yakunin. Russia and the West: from Dialogue to Confrontation (5-8); Alexander Firsov. Special Features of Maintaining Political Stability in Modern Russia (9-12); Alexander Kochetkov. Specific Features of the Formation and Development of the Political Class of Modern Russia (12-16); Saida Sirazhudinova. Converts to Islam in the Structure of Radical Islam (16-21); Rinat Pateev. The Conceptual Problems of Contemporary Islamic Studies: Searching the Paradigm of Islamic Communities Transformation (21-25); Gennady Matishov. SocioPolitical and Ethnic Processes in the South of Russia (26-30); Dmitry Popov. Central Asia in U.S. Foreign Policy. Counteraction to the Russian Integration Project (30-36); Yuri Aleksandrov. Kazakhstan: First Experience of Modernization (36-40); Dmitry Malyshev. Central Asia: Threat of Radical Islamism. Situation in Tajikistan (40-45); Maxim Likhachev. Modern Nationalist Movement of Kazakhstan (45-50); Alexander Vitol. Accession of Turkey into "the Concert of Europe": European Understanding and Conflict with Islam (51-53); Ivan Safranchuk. Decentralization of Afganistan and the "New Northern Alliance" (54-58); Leonid Isaev. Endless War, or Again about Yemen (59-62); Robert
Landa. Lebanon and "the Arabian Political Spring" (63-70); Konstantin Truevtsev. Disintegration of Libya as a Factor of Tension in Africa and Mediterranean (70-75); Larisa Efimova. Muslim Education in Modern Indonesia (75-80); Boris Dolgov. Migration Crisis in Europe and Radical Islamism (80-84); Igor Dobayev. DAISH: Ideology, Structure, Political Practice, Financing Channels (85-96); Alexander Knysh. Reformation that has not Happened or what would Musa Bigiev Say Today? (96100); Ural Sharipov . International Relations in the Greater Middle East and the Sunni-Shiite Confrontation (101-105); Dilyara Brilyova. The Anthropological Aspect of Insider and Outsider in Islamic Studies (105-111); Aziz Niyazi. Ideals of "Al-Vasatyia" Exercise for the Sustainable Development (111-118).
№ 3 (297)
Igor Dobayev. Radicalization of Islamist Non-Governmental Religious-Political Organizations and Ways and Means to Oppose Ideology of Takfir-Jihadists in the Russian Federation (5-20); Natalia Sedykh. Preventive Anti-Terrorist Activities in the Youth Environment: Its State and Ways of Improving (20-34); Natalia Romanchenko. Structure and Modern Development Trends of Terrorist Religious-Political Organizations in the North Caucasus in Post-Soviet Period (35-50); Alexander Kozikov. Institutional Practice and Nature of the Political Process in the States of the Caspian Region in Modern Conditions (51-57); Sergei Abashin. Islamic Challenge to the Idea of the Nation? Some Considerations on the Example of Central Asia (57-64); Dmitry Popov. Central Asia in U.S. Foreign Policy. Central Asian Lobby in Washington (64-68); Anatoly Khazanov. Syrian Tragedy: What Games are the Tigers Playing? (69-75); Khristina Turinskaya. Libya. Is the Return to Federalism Possible? (76-83) Anna Zurkan. Syria's Cessation of Hostilities: Progress and Prospects for Russian-American Cooperation (83-86); Georgy Kutyrev. Italy's Position in the Syriann Crisis: between the West and Russia (86-90); Boris
Dolgov. Islam in France: Muslims and Secular Republic (91-101); Komil Avazov. Internal and External Threats of Modernity, Security and Stability of the Modern Society and Their Affinity (102-114); Anton Shmelev, Yulia Potapova. The Influence of Migration Processes on the Moslem Community of Russia (115-118).
№ 4(298)
Saida Sirazhudinova. Conflict Management: Protest Policy and Civil Society in Modern World (5-9); Dmitry Yefremenko. By the Rivers of Babylon.Middle Eastern Order in a State of Half-Decay (9-24); Farid Asadullin. Islam in Public Space of Moscow Metropolis in the 21 Century(25-32); Sergey Ustinkin, Natalia Morozova. Interethnic Relations in Nizhny Novgorod Region (32-36); Igor Dobayev. Oleg Cherevkov. Transformation of Radical Islamist Movement in the North Caucasus: from "Imarat Kavkaz" to "Vilayat Kavkaz" (36-51); Aslanbek Adiyev, Elena Shcherbina. Daghestan and Karachayevo-Circassia: Settlement Problems of Ethnic Composition in Power Bodies of Poly-Ethnic regions (52-55); Emma Asatryan. Interstate Conflicts in the Central Asian region (55-61); Aziz Niyazi. Russia - Central Asia in Environmental Dimensions (61-68); Sergey Ivanov. Armed Conflicts in Syria and IRAQ: Prospects for their Solution (69-75); Ural Sharipov. Yemen: Frontal Collision of Sunnite and Shia Population and Interference of Outside Forces // The 2nd Decade of the 21st Century - Fresh Blood in the Middle East (Puppeteers, Actors and Victims) (75-79); Bagrat Seiranyan. Three Pillars of Growth (79-86); Andrei Fedorchenko. From Generation to Generation: Problem of Succession of Power in Arabian Monarchies (86-95); Elena Vasetsova. Libya; Five Years without Gaddafi (96-99); Tatiana Ignatova, Andrey Dobayev. Islamic Economy and Evolution of the Hawala System (100-125).
