Public consultations on the topic "Development of alternative forms of small business financing with the help of Islamic economic model" took place in Kazan. The participants concurred that Islamic credit forms based on profit-and-loss sharing may be very useful for small business development.
Public consultations on the topic "Development of alternative forms of small business financing with the help of Islamic economic model" took place in Kazan. The participants concurred that Islamic credit forms based on profit-and-loss sharing may be very useful for small business development.
Among the partakers of the public consultations in the Chamber of commerce and industry in Tatarstan there were members of the Public Chamber of Tatarstan, representatives of the regional Ministry of finance and economic affairs, small and middle-size business owners, and representatives of those companies, whose objective is to promote Islamic economic models.
Credit consumer cooperative "Amanat", "Ansar. Finance technologies" company, and the main principles of Islamic finance institutes were discussed during the meeting.
"The participants thought at first that Islamic economic model refers to some kind of a mental realm. But as it was explained in the theoretical introduction, Islamic finance is a form of financial activity, which includes sustainable development, and can be helpful to small and middle-scale business owners, disappointed in traditional forms of bank lending", - said Vladimir Karpeyev, Vice-president of the Association of small and medium-scale enterprises in Tatarstan.
"Russian society is ready to use Islamic finance instruments, and our law allows doing that. In theory, any form of organization without fixed profit ratio can work according to the Islamic economic model", Karpeyev summarized.
The participants are going to apply to legislative and executive authorities suggesting to develop credit forms in accordance to the Islamic economic model.
Islamic-Finance.ru based on materials of IslamRF
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