Developments of Islamic Finance in Eastern Europe and Caucasus Region

Madina Kalimullina

Chapter 2 in Islamic Finance in Eurasia, 2024, pp 28-44 from Edward Elgar Publishing

Abstract: The cases of Islamic finance development in two countries, Russia and Azerbaijan, provide certain food for thought. The findings of this chapter indicates that the number of the Muslim population and its share, as well as being an IsDB full member, does not guarantee a developed Islamic finance market. Both Russia and Azerbaijan are still on their way to creating a level playing field for the emerging Islamic finance market, but the current story of Russia seems to be more gradual, progressive and efficient, compared to the story of Azerbaijan, where the development seems to be staggering. This chapter looks at the Islamic finance development in the Eastern Europe and Caucasus region, with special focus on Russia and Azerbaijan.

Keywords: Asian Studies; Business and Management; Development Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2024
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