Islamic Finance in the CIS countries

Abstract

Over the past decades, Islamic finance has expanded its presence to many countries, including the former Soviet Union. It is not surprising that their expansion has become a subject of great interest for scientists, politicians, practitioners and the general public. How big is the market for Islamic finance in the post-Soviet region? Who are the main market players? What are their investment strategies here? Finally, what limits the development of the Islamic finance industry in the CIS countries? In this monograph, we try to answer these questions by examining a broad empirical base consisting of more than 1,000 transactions for the period from 1991 to 2020, as well as using a sociological approach. In addition, we assess the total volume of Islamic capital and identify the problems and prospects of this market in the CIS countries. It will be of interest to the management of banks, investment companies, funds, ministries, as well as to anyone interested in the world economy, international relations and the religious factor in the economy of post-Soviet countries.

The Effect of Sharia Financing Availability on Economic Growth of MSMEs in Sukabumi

“…Studies suggest that Islamic finance has the potential to promote economic growth by contributing to financial stability and sustainability. The principles of risk sharing, asset-backed financing, and avoidance of speculative transactions are believed to play a role in achieving these outcomes [16], [17]. Islamic finance has been found to have a more significant impact on economic growth in Muslim and developing nations compared to non-Muslim and developed nations [18].…”