| | | | PROBLEMS OF MODERN ECONOMICS, N 2 (90), 2024 | | | | ECONOMICS AND RELIGION | | | Bekkin R. I.
Leading research fellow, Institute of Africa, Russian Academy of Science (Moscow), Institute of Oriental Studies, PhD (Economics), Professor (Russian Academy of Science)
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| | | With the adoption of the federal law on partner financing in the summer of 2023, a new page in the history of Islamic banking in Russia began. Participants in the partnership financing experiment are both existing Islamic financial institutions and new market participants who have not previously worked in the Islamic finance segment. One of the most important elements of Islamic finance is Sharia supervision, which aims to examine the products and services offered by a financial institution for their compliance with Sharia law. The article examines the features of Sharia expertise and Sharia supervision in Islamic financial institutions in Russia. The author notes the monopolistic position of the spiritual administrations of Muslims (muftiates) in the market of Sharia supervision (example of the Republic of Tatarstan). The article stresses that it is not the monopoly in the field of Sharia expertise and auditing in the market that creates conditions when Islamic financial institutions (with the exception of such major players as Sberbank) actually cannot choose the Sharia experts with whom they would like to cooperate. As a result, the Sharia expertise itself is devalued and some entrepreneurs begin to perceive it as a necessary but formal requirement. The article analyzes fatwas on financial issues issued by both muftiates and Sharia councils of Islamic financial institutions. | | Key words: partner financing, Islamic banking, Sberbank, Sharia supervision, fatwa, Sharia council, muftiate | | Pages: 204 - 214 |
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