ISLAMIC FINANCE IN THE CIS COUNTRIES

2021 ◽  
Author(s):  
Al'mira Nagimova
Keyword(s):  
Soviet Union ◽  
Former Soviet Union ◽  
Islamic Finance ◽  
Investment Strategies ◽  
Finance Industry ◽  
Sociological Approach ◽  
The Past ◽  
Investment Companies ◽  
Religious Factor ◽  
Cis Countries

Over the past decades, Islamic Finance has expanded its presence to many countries, including the former Soviet Union. It is not surprising that its expansion has become a subject of great interest to scholars, politicians, practitioners, and the general public. How big is the market for Islamic Finance in the post-Soviet region? Who are the key market players? What are their investment strategies on this territory? Finally, what are the limits for the development of the Islamic Finance industry in the CIS countries? This book attempts to find the answers to these questions by examining a broad empirical base of more than 1,000 deals from 1991 to 2020, as well as using a sociological approach. Another attempt has been made to assess the total volume of Islamic capital and determine the problems and prospects of this market in the CIS countries. The book will be of interest to the management of banks, investment companies, funds, ministries, as well as anyone interested in the world economy, international relations and the religious factor in the economy of post-Soviet countries.

Islamic Finance in the CIS countries

2021 ◽  
Author(s):  
Al'mira Nagimova
Keyword(s):  
Soviet Union ◽  
Former Soviet Union ◽  
Islamic Finance ◽  
Investment Strategies ◽  
Finance Industry ◽  
Sociological Approach ◽  
The Past ◽  
Investment Companies ◽  
Religious Factor ◽  
Cis Countries

Over the past decades, Islamic finance has expanded its presence to many countries, including the former Soviet Union. It is not surprising that their expansion has become a subject of great interest for scientists, politicians, practitioners and the general public. How big is the market for Islamic finance in the post-Soviet region? Who are the main market players? What are their investment strategies here? Finally, what limits the development of the Islamic finance industry in the CIS countries? In this monograph, we try to answer these questions by examining a broad empirical base consisting of more than 1,000 transactions for the period from 1991 to 2020, as well as using a sociological approach. In addition, we assess the total volume of Islamic capital and identify the problems and prospects of this market in the CIS countries. It will be of interest to the management of banks, investment companies, funds, ministries, as well as to anyone interested in the world economy, international relations and the religious factor in the economy of post-Soviet countries.

scholarly journals Islamic Capital in Kazakhstan

2021 ◽  
Vol 65 (2) ◽  
pp. 100-108
Author(s):  
A. Nagimova
Keyword(s):  
Global Economy ◽  
Annual Reports ◽  
Islamic Finance ◽  
Investment Strategies ◽  
Financial Centre ◽  
Finance Industry ◽  
Challenges And Opportunities ◽  
Cis Countries ◽  
Islamic Insurance ◽  
Investment Growth

Over the last decades Islamic Finance has been expanding its role in the global economy, including in the Post- Soviet Area. Who are the key players of Islamic Finance market? What are their investment strategies here? This paper considers above questions by investigating more than 250 deals involving Islamic investors over the period 1991–2020 in Kazakhstan Republic. The data on deals gathered from two main sources: i) M&A database Zephyr (Bureau van Dijk), and ii) open sources (information agencies, company annual reports, press-releases, presentations, interviews). We are analyzing the growth of the Islamic Finance industry in Kazakhstan, and dependency on two key investors – Islamic Development Bank and Abu Dhabi Government. Then We study the structure of Islamic Finance investments by the type of investors. We found that despite the small share of Islamic banks and Islamic leasing (ijara) companies they have become an important factor of the financial sector in Kazakhstan. We saw that the potential for issuing sukuk and developing Islamic insurance (takaful) have not yet been realized but Islamic Finance became one of the six pillars of the Astana International Financial Centre (AIFC). In addition, we have identified several factors critical to further Islamic Finance market development in the Central Asia. In conclusion there is a question whether Kazakhstan financiers and policymakers will be able to apply creative approach to Islamic Finance that not only allow to adopt the experience of other countries, but also bring something new. Acknowledgements. This study is funded by RFBR, project number 19-310-60002 “Islamic Finance in the Post-Soviet States: challenges and opportunities for investment growth in the CIS countries”.

Building trust in Islamic finance products and services

2017 ◽  
Vol 12 (3) ◽  
pp. 356-372 ◽  
Author(s):  
Syed Nazim Ali
Keyword(s):  
Financial Services ◽  
Islamic Finance ◽  
Illustrative Case ◽  
Content Type ◽  
Finance Industry ◽  
The Past ◽  
Building Trust ◽  
Central Tenet ◽  
Stake Holder ◽  
Perceived Impact

Purpose With the increasing instances of malfeasance and frauds coming to light in the financial services industry, trust has become a key concern for customers. Fortunately, in the case of Islamic Finance, trust is a central tenet, and its importance can be seen through the emphasis of Amanah or trustworthiness that should be present in every financial transaction. However, it has been argued that the principle of trust has not been truly realized in Islamic Finance, or that there are still issues of distrust regarding anything which is obtrusively branded as “Islamic”. In this paper, the author will analyze the reasons for gaps between the expectations and reality of the finance industry today by looking at the main factors contributing to distrust among the different stakeholders and the perceived impact of the distrust on the industry and the general public. It then focuses on the past and ongoing efforts by academia to bridge these gaps between the different stake holder groups with the help of illustrative case studies as well as recommends future steps to be taken to ensure a stronger foundation of trust within the Islamic Finance community.

scholarly journals Yasushi Suzuki and Mohammad Dulal Miah (Editors) Dilemmas and Challenges in Islamic Finance – Looking at Equity and Microfinance Routledge, London, 2018, pp. 216

2019 ◽  
Vol 32 (1) ◽  
pp. 173-178
Author(s):  
Tariq Aziz Tariq Aziz
Keyword(s):  
Governance Structure ◽  
Islamic Finance ◽  
Finance Industry ◽  
The Past ◽  
Sustained Growth ◽  
Equity Finance

Islamic finance has witnessed a phenomenal growth during the past couple of decades. However, this remarkable growth has also been accompanied by some challenges and dilemmas. Islamic finance today is at the crossroads where resolving these issues is a prerequisite for its future sustained growth. The current book under review, edited by Yasushi Suzuki and Muhammad Dulal Miah, highlights and discusses some of the issues and dilemmas the Islamic finance industry is facing today. The book comprises of 11 Chapters divided into three parts. Part I deals with the dilemmas related to the prohibition of ribā and gharar. Part II elaborates on the challenges related to Islamic equity finance and microfinance and Part III is devoted to the discussion of the dilemmas and challenges related to the governance structure of Islamic finance. This article reviews and critically evaluates the aforementioned book.

scholarly journals ​Chemistry, Nutritional Properties and Application of Mare’s Milk: A Review

2021 ◽  
Author(s):  
Shaikh Adil ◽  
B.M. Mehta ◽  
Atanu H. Jana
Keyword(s):  
Chemical Composition ◽  
Soviet Union ◽  
Former Soviet Union ◽  
Nutritional Value ◽  
Mammal Species ◽  
Nutritional Properties ◽  
Southern States ◽  
The Past ◽  
Health Promoting ◽  
Therapeutic Properties

Mare’s milk has long been considered to have special nutritive and therapeutic properties in Mongolia and southern states of the former Soviet Union. It is now gaining popularity in some parts in Europe also. Mares’ milk is characterized by their unique nutritional profile. Therefore, interest has increased in the use of mare’s milk for human nutrition in the past several years, especially in France and Germany. As compared to many other mammal species, mare’s milk is highly appreciated for similarity to human milk in terms of chemical composition allowing its use as a substitute for mother’s milk in infant feeding. Mare’s milk also has been used for the treatment of certain human pathologies such as hepatitis, chronic ulcer and tuberculosis. This review dwells on the chemical composition, nutritional value and various health-promoting properties of mare’s milk.

scholarly journals Bacteriophages and Their Derivatives as Biotherapeutic Agents in Disease Prevention and Treatment

2014 ◽  
Vol 2014 ◽  
pp. 1-20 ◽  
Author(s):  
Mohamed Elbreki ◽  
R. Paul Ross ◽  
Colin Hill ◽  
Jim O'Mahony ◽  
Olivia McAuliffe ◽  
...  
Keyword(s):  
Soviet Union ◽  
Former Soviet Union ◽  
Pathogenic Bacteria ◽  
World Wide ◽  
Research Topic ◽  
Bacteriophage Therapy ◽  
Bacterial Host ◽  
The Past ◽  
Prevention And Treatment ◽  
Peptidoglycan Hydrolases

The application of bacteriophages for the elimination of pathogenic bacteria has received significantly increased attention world-wide in the past decade. This is borne out by the increasing prevalence of bacteriophage-specific conferences highlighting significant and diverse advances in the exploitation of bacteriophages. While bacteriophage therapy has been associated with the Former Soviet Union historically, since the 1990s, it has been widely and enthusiastically adopted as a research topic in Western countries. This has been justified by the increasing prevalence of antibiotic resistance in many prominent human pathogenic bacteria. Discussion of the therapeutic aspects of bacteriophages in this review will include the uses of whole phages as antibacterials and will also describe studies on the applications of purified phage-derived peptidoglycan hydrolases, which do not have the constraint of limited bacterial host-range often observed with whole phages.

The current state and development trends of the tourism and hospitality industry in Uzbekistan

Servis plus ◽  
2015 ◽  
Vol 9 (2) ◽  
pp. 35-44
Author(s):  
Мирфайз Нарзиев ◽  
Mirfayz Narziev ◽  
Александр Ермаков ◽  
Aleksandr Ermakov ◽  
Абдулло Бабакулов ◽  
...  
Keyword(s):  
Soviet Union ◽  
Former Soviet Union ◽  
Hospitality Industry ◽  
Tourism Industry ◽  
Steady Growth ◽  
Current State ◽  
Tourism And Hospitality Industry ◽  
Tourism And Hospitality ◽  
Cis Countries ◽  
Tourism Flows

The current state of the tourism industry is considered in terms of statistical data on the state of the industry, the availability of resources and tourism businesses of the tourism and hospitality industry and tourism flows from the CIS countries and far abroad. A variety of tourist resources, with particular attention from the country´s leadership to the development of the tourism industry, a comprehensive approach to ensure its stable trends are confirmed by improving the industry. The tourism industry has a steady growth of economic indicators. The country has created new tourism products in the direction of the development of pilgrimage tourism. Produced is restoration of´archaeological and architectural sites. A special place is given to the creation of a tourist route "Golden Ring" in Uzbekistan with visiting ancient cities: Bukhara, Samarkand, Khiva and others. Analysis of the industry also points to the lack of awareness of potential consumers of tourist services in Russia. The role of the tourism and hospitality industry is important for the formation of traditionally friendly relations between Russia and Uzbekistan among the older generations for young people who grew up in the former Soviet Union.

scholarly journals Economics in the Former Soviet Union

1992 ◽  
Vol 6 (2) ◽  
pp. 137-148 ◽  
Author(s):  
Michael Alexeev ◽  
Clifford Gaddy ◽  
Jim Leitzel
Keyword(s):  
Graduate Students ◽  
Soviet Union ◽  
Former Soviet Union ◽  
Political Leadership ◽  
Future Directions ◽  
The Past ◽  
Current State ◽  
Course Of Action ◽  
The Soviet Union ◽  
Economics Profession

One of the most notable, but least discussed, aspects of the halting attempts during the past six years to reform the economies of the Soviet Union, and now those of its successor states, has been the prominent role played by professional economists. Not since the mid-1920s has the Soviet political leadership felt so strongly the need to draw upon the expertise of the economics profession to help determine its course of action. In this paper, we attempt to characterize the current state of economics in the former Soviet Union, investigate the implications that the condition of Soviet economics has for reform, and suggest possible future directions for the discipline. Our information comes from four main sources: professional publications of Soviet and Western economists, published remarks by Soviet economists, personal interviews and discussions which we conducted with young Soviet economists in the summers of 1990 and 1991, and a questionnaire administered to Soviet economists and graduate students in the Soviet Union.

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