Islamic Economic Model Nowadays, Moscow: Mardjani Publishing House, 2010, 367 p.
"Islamic Economic Model Nowadays" is the first comprehensive study on Islamic economy and its institutions to be published on the Post-Soviet territory. In the present monograph the author uses the term "Islamic economic model" rather than Islamic economy, which he believes to be more appropriate. However, both terms are used in the monograph as synonyms.
The author explores the concept and origin of Islamic economy in great detail, considers religious, as well as expedient reasons of the ban on gharar (uncertainty), maysir (gambling) and riba (usury). The monograph presents a detailed analysis of the history of prohibition of riba in Judaism, Christianity and Islam.
A brief history of the role Shariah played in the economic life of the Muslim world in the Middle Ages and Modern History contributes towards better understanding the nature of the problems Islamic economy now faces.
The author analyses Islamic financial institutions by exploring how they are regulated in different countries. Understanding their potential, the author pays attention to traditional Islamic financial institutions, such as Islamic taxes and waqfs rather than focusing merely on contemporary institutions, such as banks and insurance (takaful) companies.
The monograph studies the viability of different Islamic economic models, i.e.: Monistic, Dual and Conventional.
The monograph incorporates the author`s experience of participating in a number of projects for the implementation of Islamic economic principles in Russia: a traineeship in the only Islamic bank in Russia - "Badr-Forte Bank" and "Itil" insurance company (Kazan, Republic of Tatarstan).
Taking Russia as an example, the author speculates on the perspectives of implementing Islamic economic model or certain of its financial principles in a non-Muslim country (such as Russia).
One of the chapters in the monograph is based on the author`s unique on-site research in Somaliland undertaken in the autumn of 2007. The purpose of the research was to study how interest-free financial system works.
A glossary of Islamic financial terms is included in the monograph as an appendix. A set of appendices containing various normative acts and documents of Islamic financial institutes is worth noting as well.
The monograph is addressed to lecturers, postgraduates and students, as well as to experts in the field of finance and businessmen.