Full Text:


In countries with a large Muslim population who are not willing to trust their savings to traditional banks, as well as a significant number of Muslim entrepreneurs who are not using the services of traditional banks, the creation of Islamic financial institutions can improve the efficiency of the financial market and accelerate its development. Russia is one of these countries. Islamic financial products can attract both Russian companies as well as traditional companies oriented to the observance of the Quran. While Russian legislation does not provide opportunities for the application of Islamic financial products, the issues of adaptation and the possibility of realising these projects in Russia are becoming very relevant. The aim of this paper is to present the results of a study devoted to the analysis of possibilities of the application of Islamic financial products in Russia.

About the Author

V. Malyaev
National Research University Higher School of Economics
Russian Federation

Associate Professor, Department of Banking, Faculty of Economics,

25/12 Bolshaya Pecherskaya St., Nizhniy Novgorod, 603155


1. Acemoglu D. et al. The Colonial Origins of Comparative Development: An Empirical Investigation, 91(5) American Economic Review 1369 (2001).

2. Akerlof G.A. The Market for “Lemons”: Qualitative Uncertainty and the Market Mechanism, 84(3) Quarterly Journal of Economics 488 (1970).

3. Ayub M. Understanding Islamic Finance (West Sussex, UK: John Wiley & Sons, 2009).

4. Barber B.R. Jihad vs. McWorld: How Globalism and Tribalism are Reshaping the World (New York: Ballantine Books, 1996).

5. Boyd J.H. & Smith B.D. The Evolution of Debt and Equity Markets in Economic Development, 12(3) Economic Theory 519 (1998).

6. Chapra M.U. Islam and the Economic Challenge (Leicester, UK: The Islamic Foundation, 1994).

7. Demirgüç-Kunt A. & Maksimovic V. Stock Market Development and Finn Financing Choices, 10(2) World Bank Economic Review 341 (1996).

8. Diamond D.W. & Dybvig P.H. Bank Runs, Deposit Insurance, and Liquidity, 91(3) Journal of Political Economy 401 (1983).

9. Friedman T.L. The Lexus and the Olive Tree: Understanding Globalization (New York: Anchor Books, 2000).

10. Fukuyama F. State Building: Governance and World Order in the 21st Century (New York: Cornell University Press, 2004).

11. Handy C. The Age of Paradox (Boston: Harvard Business School Press, 1994).

12. Huntington S.P. The Clash of Civilizations and Remaking of World Order (New York: Simon & Schuster, 1996).

13. Inglehart R. & Baker W.E. Modernization: Cultural Change and the Persistence of Traditional Values, 65(1) American Sociological Review 19 (2000).

14. Kotler P. et al. Marketing 3.0: From Products to Customers to the Human Spirit (Hoboken, N.J.: John Wiley & Sons, 2010).

15. La Porta R. et al. Investor Protection and Corporate Governance, 58(1–2) Journal of Financial Economics 3 (2000).

16. La Porta R. et al. The Quality of Government, 15(1) Journal of Law, Economics, and Organization 222 (1999).

17. Levine R. & Zervos S. Stock Markets, Banks, and Economic Growth, 88(3) American Economic Review 537 (1998).

18. Schumpeter J.A. Capitalism, Socialism and Democracy (New York: Harper & Row, 1942).

19. Stulz R.M. & Williamson R. Culture, Openness, and Finance, 70(3) Journal of Financial Economics 313 (2003).

20. Skinner C. The Future of Banking in aGlobalised World (Chichester, UK: John Wiley & Sons, 2007).

21. Zingales L. & Rajan R.G. Banks and Markets: The Changing Character of European Finance, NBER Working Paper No. 9595 (March 2003) (Apr. 20, 2017), available at http://www.nber.org.

Supplementary files

For citation: Malyaev V. OPPORTUNITIES FOR ADAPTING ISLAMIC BANKING PRODUCTS TO THE RUSSIAN LEGISLATIVE FRAMEWORK. BRICS Law Journal. 2017;4(3):62-80. https://doi.org/10.21684/2412-2343-2017-4-3-74-83

Views: 245


  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.

ISSN 2409-9058 (Print)
ISSN 2412-2343 (Online)