Economist about the first steps of Islamic banking in Russia

Aleksandr Razuvaev

Alexander Razuvaev, a member of the Supervisory Board of the Guild of Financial Analysts and Risk Managers, candidate of economics, announced his comments on Islamic banking in Russia. He noted that by introducing an Islamic bank in the country, it is possible to attract funds from the Gulf countries and circumvent Western sanctions. He also gave a list of Islamic stock exchanges. "To work in an Islamic bank, it is enough to be a professional, it is not necessary to be a Muslim," the economist wrote.

A controversial text about Islamic banking in Russia was published on the InVoiceMedia site by Alexander Razuvaev, candidate of economics, member of the Supervisory Board of the Guild of Financial Analysts and Risk Managers.

"There are people who fear and hate Islam on social networks in Russia, they were afraid of digitization and vaccination against COVID-19, and now the main enemy of such people is Islam, including Islamic banking, which, in their opinion, is a product of Western intelligence services," said Alexander Razuvaev.

The economist said that the main idea of introducing an Islamic bank is the possibility of attracting funds from the Gulf countries to finance projects. Also, active use of Islamic banking to circumvent sanctions. Iran is actively using it. Representatives of the Bank of Russia visited the capital of the Islamic Republic and probably discussed this issue.

What about the stock market? Islamic investors trade on the stock market, but also follow religious rules. Razuvaev noted that there are several indices that include Sharia-compliant companies:

Dow Jones Islamic Market Index;

MSCI World Islamic Index;

S&P 500 Shariah;

S&P Europe 350 Shariah;

S&P Japan 500 Shariah;

S&P Pan Asia Shariah;

S&P GCC Shariah;

S&P BRIC Shariah Index.

" It is interesting that at the end of the list the index also includes companies from non-Muslim countries - Brazil , Russia , India and China . Their activities are not contrary to Islamic norms. The Moscow Stock Exchange should focus on Islamic finance by launching an Islamic index. There are 2 billion Muslims in the world. And if everyone invests $10 in the Russian stock market, God will surely forgive many sins ," he said .

Alexander Razuvaev noted that investors from the Persian Gulf countries can buy shares of free float companies with the largest capitalization from Russia. "Investment laws are the same everywhere. To work in an Islamic bank, it is enough to be a professional, but it is not necessary to be a Muslim," the economist wrote.

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