Islamic finance industry, being new segment of financial services, rise for last decade to 15-20% annually.
Islamic Business and Finance Development Fund (IBFD Fund) had made vigorous efforts for Islamic financial instruments’ development in Russia, namely at Tatarstan Republic.
Islamic financial services are fast-growing sphere at global financial market, where representatives from traditional banking sector uses Islamic finances to look for new customers. Islamic financing is considered to be alternative for traditional banking system.
Worldwide Islamic finance system has grown 11 times within last 12 years, from 150 billion dollars in 2000, for 1,6 trillion in 2014. At the end of 2014 the volume of booked assets 2,1 trillion dollars, where 1,6 trillion dollars relate to banking system, experts says.
Islamic financing system is at the primary stage of its establishment. Government authorities and business society are interested at development of this sphere. Last three years one of the biggest event – International economic summit of Russia and OIC country-members (KazanSummit) has been held by support of Federal Council of Russian Federation and by participation of parliamentarians not only from Islamic countries, but also European countries. Practical issues of the implementation of Islamic economic system in Russia are discussed at conference of Islamic finances and economy and consultative meeting of parliamentarians, which has become traditional for summit.
Active efforts at sphere of Islamic finances are done by following companies: Tatarstan International Investment Company (TIIC), which is created by results of KazanSummit 2009, Eurasian Leasing Company, which has found by TIIC, Ak Bars Bank and “Amal” finance house. Companies from Islamic countries start administrative offices. All of them are interested to widen the range of services, to attract largest worldwide funds and to establish new directions of Islamic products.