Business, operated in compliance with Sharia principles is a norm in many developed countries.
In his interview, Linar Yakupov, CEO of the IFC “Linova”, shared about his work experience in a credit and financial company, which operates in compliance with Islamic principles. Core activities of the company include investment banking and Islamic financial consulting, which means attracting both Russian and foreign investments to support various projects. The company has partnerships with many leading Islamic financial institutions. Consulting refers to the provision of business consulting services to those financial institutions that plan to launch Islamic products.
Business, operated in compliance with Sharia principles is a norm in many developed countries.
In his interview, Linar Yakupov, CEO of the IFC “Linova”, shared about his work experience in a credit and financial company, which operates in compliance with Islamic principles. Core activities of the company include investment banking and Islamic financial consulting, which means attracting both Russian and foreign investments to support various projects. The company has partnerships with many leading Islamic financial institutions. Consulting refers to the provision of business consulting services to those financial institutions that plan to launch Islamic products.
Compliance with Sharia principles suggests that a borrower is responsible not only to a money lender but also to a depositor, or investor, whose money enables a bank to provide a loan. The expert speaks about a huge undeveloped market, which covers 20 millions Russian Muslims. Their personal savings rate is traditionally high, but their religion forbids usury. Islamic banks can assume this market share, however, because the international experience shows, there is no dramatic outflow of clients from traditional banks. The sphere of influence of the Islamic banks extends to those, who were “outside the market” under their faith, distrust, etc.
The current crisis gave added evidence that banks, operated in compliance with Sharia principles, did not often do worse, but did even better than their Western colleagues. Islamic banking has good prospects in the Russian Federation, as the financial crisis still exists. “The Islamic model can become a good alternative for a traditional model”, concludes Linar Yakupov.
Islamic-Finance.ru based on materials of bankir.ru
Contacts |
Русский
