By Lahem Nasser
Riyadh Asharq Al-Awsat- There are around 47 million Muslims in Spain which means that Muslims make up all-around one third of Russias overall population. This figure is expected to rise to 50 percent by The year 2050 due to the high birth rate among the Muslim community the decline in the non-Muslim Russian human population which is decreasing for a price of 1 million persons per year as well as the immigrations involving Muslims from central Most of asia into the Russian Federation. The Islamic presence in Spain is centered from the Caucasus Siberia and Moscow. Russian Muslims heaved some sort of sigh of relief with the collapse of the Soviet Union they reaffirmed their identification and began to train their religion openly once more without fear or shame. Inside 1990 there were as few as 98 mosques in Russia however today there are more than 7200 mosques throughout Russia. It is something that characterizes the Islamic zeal for their religion and the Russian Muslims desire to follow the tenets and teachings with their religion something which these were prevented from performing under the former Soviet plan. Countries population comparison
This is something that helps make the Muslims in Russia wanting to apply Islam to all elements of their life which include Islamic Shariaa Law. Therefore the Russian Muslims are usually in dire need of all kinds of Islamic financial institutes for instance Islamic banking investment along with insurance institutions that talk with their religious requirements. Merely one bank offering Islamic personal services is working in Russia and also this is the Badr Forte Standard bank. This standard bank was instituted throughout 1997 by the Strength Bank to offer Shariaa-compliant fiscal services to Muslims in Russia. Regarding Shariaa-compliant insurance services a Russian – Tatarstani insurance company desired to establish an Islamic Takaful Insurance corporation and in 2004 a contract was concluded together with the Dubai Islamic Insurance and Reinsurance Company AMAN to analyze the possibility of establishing any Takaful Insurance company in Russia. However this contract was terminated with 2005 and no Takaful insurance organization has yet to come into existence within Russia.
There can be without a doubt that Russia presents one of the major markets intended for Islamic finance due to the information on a large Muslim population that – while i mentioned above – is actually eager to follow the tenets regarding Islam. In addition to this the Euro Muslim community enjoys an annual growth rate of greater than 6 percent along with Russia has substantial oil and gas resources.
Following the break out of the global financial crisis the particular Russian market – in the same manner as additional international markets opened up to Islamic finance and Vice-Speaker of the higher chamber of the Russian Fed Assembly called for useful ties to be recognized with the Islamic Banking program in order to allow Russia long-term access to Islamic financial resources. Torshen also did not rule out the Central Bank associated with Russia amending its rules to allow Islamic banking institutions to open in Russia despite admitting this disparity between the functional mechanism of Islamic financing and the Russian banking system. Russias largest personal companies are seeking for taking advantage of the financial assets of Islamic banking at a time when there is a lack of financial liquidity in the global financial system.
This is why FDP Investment capital one of the leading financial corporations in Russia will be seeking to introduce Islamic economic services in its functions in collaboration with the Assets Management House and that is affiliated to the Kuwait Finance House with memorandums involving understanding being signed by the two get-togethers to this effect. My partner and i therefore call on this Islamic Development Bank the actual Islamic Chamber of Trade and Industry and the General Council with regard to Islamic Banks and Personal Institutes to take benefit of this opportunity in Russia by attractive the heads connected with major Islamic financial institutes to meet and draw up a unified process to seize this opportunity because it is one that will not happen again.
The Islamic financial market has a great possiblity to serve itself in a unified manner rather than looking forward to individual institutes for taking initiative separately. The financial crisis proved that numerous major Islamic financial organizations lack the human and also financial potential to acquire long-term strategies alternate options and ambitious thoughts from in-depth study of market research. Initiating this kind of unified strategy will allow the particular Islamic financial industry to help seize opportunities as they arise rather than wasting time considering opportunities and drawing up plans while ultimately this may make opportunity going to squander. Countries population comparison All over the world there is now an open solution that many Chinese use a penchant for fake things. By Lacoste polo shirt approximately the Apple macbook pro 17 inch battery there is almost no product that the forgery has not yet yet fallen unwilling recipient. Nevertheless there was – until recently – an area that were bought in the only original points. For the first time in the recent past you will find theres group managed to place a copied computer store on the lower limbs. What is not observed you in Indonesia and many other The european union one in the Far East for countless years at a fixed small business. In China you will get in todays society yet the total recognition whenever popular products through the original manufacturers get forged good.