Islamic Finance in System of the World Financial Market, Possibility of Adaptation in Russia

<p><strong>Islamic Finance in System of the World Financial Market, Possibility of Adaptation in Russia</strong></p><p>The major objective of the current study is to analyze the current state of the financial market of Islamic countries, to evaluate the effectiveness of financing economic actors on an Islamic basis by constructing a loan to a Russian company with Islamic technology.</p><p>During the study the following problems were solved:</p><p>&bull; The basics of building the Islamic financial system.</p><p>&bull; analyzed the degree of influence of religious norms to build financial systems of different countries of the Islamic world.</p><p>&bull; The structure of the financial market of Islamic countries.</p><p>&bull; financial products studied Islamic countries, including banking and stock market products .</p><p>&bull; The feasibility and effectiveness of the Islamic technologies in Russia.</p><p>The first chapter is a characteristic of the Islamic financial system with a review of its structure and principles of operation.</p><p>The second chapter contains an analysis of the current financial market conditions and trends in Islamic countries debt market development of Islamic finance.</p><p>The practical part of the work devoted to the prospects of Islamic financial technologies in Russia. Analyzed the problems of the development of Islamic financial products in Russia and proposed solutions. Presented and discussed the experience of Islamic financial instruments in the Nizhny Novgorod region on the example of products and services of the branch, open JSC CB &quot;Ellipse Bank&quot; - &quot;East Capital&quot;. Produced construction Islamic bond issue for the Russian company. Following which it was concluded that the Ijara Sukuk is a lucrative financial instrument.</p><p>The net present value for the investment of funds investor in Ijara Sukuk is greater than 0, which indicates the economic efficiency of the project. The total capital gains for the year will be about 4 76.8 %, thus, the annual rate of return of the product for the investor will be 19.2 %, which is quite attractive for the investor.</p><p>Alternative ways of investing remain the purchase of shares on the OTC market, the acquisition of shares of collective investment institutions and contribute to the bank deposit, by which you may receive guaranteed income after 4 years, but its size is much smaller than the income received by Ijara sukuk.</p><p>On the outcome, we can conclude that the Ijara Sukuk is a profitable financial instrument and with the positive experience of the Islamic countries its use appears to be effective and for Russia.</p><p>&nbsp;</p><p>Student: Kuzmichev P.</p><p>Supervisor: Associate Professor, PhD, Maljaev VB</p>