Document Type : Original
Author
Department of World Economy, St. Petersburg State University, St. Petersburg, Russian Federation.
Abstract
The study examines the evolution and architecture of the Islamic economy and finance, with a focus on Iran’s model and its relevance for Russia’s ongoing pilot of Islamic finance (2023–2025). It outlines theoretical foundations, Sharia-compliant principles, and core instruments (murabaha, mudaraba, musharaka, ijarah, sukuk, takaful, istisna), and compares national models across Iran, Sudan, the Persian Gulf, Malaysia, and Indonesia. Iran’s experience-comprehensive Islamization of banking, strong state role, and asset-backed finance under sanctions-serves as a reference point for building regulatory, institutional, and market infrastructure. The Russian pilot in Tatarstan, Dagestan, Bashkortostan, and Chechnya demonstrates early traction: growing portfolios, rising client loyalty, and participation by SMEs and non-Muslim users. Key constraints include tax asymmetries (double VAT risk) and a shortage of accredited specialists. The paper proposes policy measures on tax neutrality, standards alignment (AAOIFI/IFSB), human‑capital development, Sharia governance, product certification, and staged geographic scaling. It concludes that adapting Iran’s lessons—while ensuring competition, transparency, and international integration-can help Russia establish a sustainable, ethical, and competitive Islamic finance segment and deepen links with global Islamic markets.
Keywords
Main Subjects
)