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GCC VAT a test for Islamic Finance- Fitch


Goldmoney adds Shariah-compliant methods to boost investment from Islamic markets


Path Solutions joins CIBAFI, the world renown General Council for Islamic Banks and Financial Institutions


"Kazakhstan Islamic Finance 2016: a new frontier for Islamic finance" country report


Azerbaijan looks to new Islamic bank as sector rules progress


Linar Yakupov received an award for his contribution to the development of Islamic finance industry in Russia


The 2nd International winter school of Islamic law and economics has started in Kazan


Russian financial experts are exploring options to launch Islamic Banking


Recent Comments


Islamic banking will be most relevant to SME sector: Zafar Sareshwala

Interview with director and head of Islamic Corporation for Development's (ICD) India operations.


Islamic Develop Bank calls for new Islamic microfinance structures

As the Shariah-compliant Islamic finance sector booms in the GCC region, the President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, asked experts in the field to develop new Islamic microfinance structures.


Dubai Silicon Oasis Authority and Thomson Reuters Reveal Key Findings of Digital Islamic Economy Report 2015

Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters, with support from the Dubai Islamic Economy Development Centre (DIEDC) released the 'Digital Islamic Economy Report' for 2015, in collaboration with DinarStandard.

Janna Nemzova: "In business I follow the Islamic principles"


Janna Nemzova:
By management with personal finances I follow the Islamic principles. The usury is haram in Islam. The acquisition of income in the form of markup percentage is blamed by Islam. I have never drawed income as interest. I have never placed money into deposit. All money which I receive for the investment of funds is the income from the change of share prices or dividend, where dividend is the appropriation of net profits. In this context I follow the Islamic principles.

The company, in which I work, can be called as practically halal. We control mutual funds and are engaged in individual trust management in the security market. Specifically, our stock fund entirely corresponds to the Islamic principles. Besides, we don't buy bonds and shares of companies which produce alcoholic beverage and pork. I can't say that this is because of some religious principles. I like the principle of renunciation of the usury. If people realize that in order to draw income it's necessary to run the venture it would be the breakthrough. Actually, the earnings should be risk-bearing.

Although I know that not all muslims adhere to it. For example, a lot of large businessmen of Middle East , the owners of big business place money into deposit. It's said that it doesn't break a ban. They interpret it like that: the usury is the lending money, but the placing money into deposit is not the usury. I really don't know, I'm not the theologist.

I'm very congenial in Islam with the principle of rational management of own appropriations. Unfortunately,
frequently Russian manage funds deficiently rationally.

-What prospects does the Islamic finance have in Russia?
-In the world the Islamic banking develops precipitately. The perspectives of Islamic finance in Russia will depend on the intents of russian muslims to handle operations in the financial markets. Inherently, the mutual investment fund with the investment thesis complying with the Islamic principles could become good instrument for the muslims of Russia.

The whole interview by Liliya Muhamed'yarova read on IslamNews.

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Malaysia's fast-growing Islamic finance sector benefits not only the Muslim world but also non-Muslim countries, said former Prime Minister Tun Abdullah Ahmad Badawi.

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