Features And Challenges of Islamic Finance Development in Russia

Abstract

Since the end of the XX century Islamic fnance demonstrates high potential of growth globally. The share of Russia in global Islamic fnance remain low, though Russia has a potential. The objective of the article is to study Islamic fnancial market of Russia, its specifc features and challenges that Islamic fnancial institutions face. The article analyses development of Islamic fnance since 1997, defnes market players, existing products and services. Islamic fnance development in Russia is characterised by distinctive features. It lacks legal frame, publicity, offcial support, etc. Challenges that Russian Islamic fnancial institutions are facing also studied by authors.