Director General IFC Linova “Linar Yakupov Bankir.Ru said in an interview about his experiences in Russia, credit and finance companies, whose activities do not contradict the principles of Islam. The main activities include two areas – investment banking and Islamic financial consulting. By this we mean the involvement of in-country and foreign investment under the various projects (the company – a partnership with many leading Islamic financial institutions). Consulting involves advising those financial institutions that want to run in their own Islamic products.

conformity with Shariah law assumes that the borrower has the responsibility not only to the creditor, but also to the investor or an investor, fund-raising by allows the bank to issue credit. Experts say the huge untapped market, which includes 20 million Muslims living in Russia. The share of personal savings they have traditionally been high, but faith does not permit to engage in usury. Islamic banking windows can take over this market share, though, as international experience shows, a sharp cross-flow of clients from banks, built on the western model of Islamic occurs. Sphere of influence of recent increases in the first place through the involvement in the market process those who have previously only been out in the cold because of their beliefs, mistrust, etc.

The current crisis has once again confirmed that banks operating according to Sharia, is often felt not only not worse, but even better than their western counterparts. Islamic banking has good prospects in Russia, as a crisis yet no one lifted, and the Islamic model can be a real alternative to traditional, – concludes L. Yakupov.

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