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National Security
Reference:
Derzayeva G.G., Aletkin P.A.
Partnership finance: challenges and opportunities for Russia and CIS countries
// National Security.
2024. № 6.
P. 47-64.
DOI: 10.7256/2454-0668.2024.6.72566 EDN: THZAPE URL: https://en.nbpublish.com/library_read_article.php?id=72566
Partnership finance: challenges and opportunities for Russia and CIS countries
DOI: 10.7256/2454-0668.2024.6.72566EDN: THZAPEReceived: 01-12-2024Published: 08-12-2024Abstract: The subject of the article is strategic approaches to the development of partner financing in Russia and the CIS countries. The object of the study is the steps taken by scientists, practitioners, specialists and the government so that Russian partner financing organizations could integrate into the Eastern international markets in the best and most effective way. The purpose of the study is to identify the challenges and opportunities that open up for Russia and the CIS countries in connection with the implementation of the principles and rules of partner financing in economic phenomena. The study is conducted in the context of the CIS countries: Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Using the methods of analysis and synthesis, comparison and contrast, scientific analysis, the article examines the current state of partner financing activities in Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Based on the results of the study, the article concludes that among the CIS countries that are members of the Organization of Islamic Cooperation, the most developed system of Islamic banking is in Kazakhstan, Kyrgyzstan and Tajikistan. However, in these countries, despite the widespread use of both Islamic banks themselves or individual Islamic products, and a fairly developed legislative and practical framework, there are still many unresolved problems of implementing Islamic economic principles. The Islamic Development Bank plays a huge role in solving these problems in these countries. Many issues of the theory and practice of partner financing remain undisclosed, since the topic of partner financing is quite new for the countries under consideration, for example, for Russian reality, the federal law on partner financing was put into effect only in 2023. In addition, the study allowed us to conclude that it is important to amend tax legislation, legislation on self-regulatory organizations, non-credit financial organizations and insurance. Keywords: partnership financing, federal law, financial instruments, sukuk, capital market, investments, financial reporting, banking sector, Islamic banking, CIS countriesThis article is automatically translated. Introduction On July 28, 2023, at a meeting of the Council of the Russian Federation, a new federal law on partner financing No. 417-FZ dated 08/04/2023 "On conducting an experiment to establish special regulation in order to create the necessary conditions for the implementation of partner financing activities in certain subjects of the Russian Federation and on Amendments to certain Legislative Acts of the Russian Federation" was adopted. It is valid from September 1, 2023 to September 1, 2025 in the following Republics: Bashkortostan, Dagestan, Tatarstan, Chechnya. The purpose of this federal law is to create conditions for the implementation of partner financing activities that will allow attracting foreign investments from the countries of the East, in particular the Persian Gulf countries, as well as the member states of the Organization of Islamic Cooperation, which among the CIS countries includes the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, the Republic of Tajikistan and the Republic of Uzbekistan. In addition, this law allows you to integrate into the international community by maintaining such a global trend as ESG (environmental, social, governance), that is, investing in the environment, social sphere and management. ESG principles and partner financing have a lot in common. They are united by a fundamental principle: harm prevention. There is a possibility of convergence of markets, which will lead to the fact that such partner financing instruments as sukuk bonds or products of Waqf funds (also known as trust funds) will enter the portfolios of ESG investors worldwide and will contribute to the growth of the potential of partner financing organizations. It is likely to become one of the largest and possibly dominant investment sectors of the future. These trends in Russian reality became sharply relevant in the context of anti-Russian sanctions, when Western international capital markets, stock exchanges, global financial markets, emerging markets, stock markets, and foreign exchange markets literally became practically inaccessible or difficult to access for Russian companies in a short period of time. Therefore, Russian scientists and practitioners are increasingly paying attention to the Eastern international direction, in particular, the so-called "Islamic" sector. But as you know, "the East is a delicate matter." There are many features, subtleties and nuances that distinguish the development of the eastern economy from the Western one. These features of the development of the Eastern economy are traditionally called "Islamic", but Russian legislation has moved away from this term and officially introduced the term "partner financing" through Federal Law No. 417-FZ of 08/04/2023. However, this does not change the essence, since the foundation of partner financing activities is precisely moral and ethical principles based on the principles and rules of Sharia.
The theoretical basis of the study Economic phenomena based on the principles of partnership (Islamic) financing in Russia have been studied for a long time. Among the foreign authors dealing with the topic under consideration, the greatest contribution was made by Ali S, Mohammed A. [1] and Ahmed H, Khan T. [2], having published more than 30 works in this field. Al-Tamimi H, Al-Absy M. [3] made a significant contribution to the theory of risk management in the implementation of partner (Islamic) financing operations. Alam N, Raza MW. [4] They devote their works to the study of macroeconomic indicators formed by partner (Islamic) financing operations. Chong BS, Liu MH, Tan KH. [5] They investigate the influence of sukuk on the development of partner (Islamic) financing. Authors such as Ibrahim MH, Li L. [6] and Rashid A, Javed MT. [7] analyze the issues of managing partner (Islamic) financing activities. The activities of partner (Islamic) financing and its integration into Russian reality are described in the works of Surmilo D.A. [8], Minnullin Y.R., Kulkova V.Yu., Dzumenko D.V., Yuzef H.A.M. [9]. The history of the development of the Eastern economy, which is based on the principles and rules of partner (Islamic) financing, is described in the works of M.M. Vildanov [10], E.E. Smirnov [11]. The development of "Islamic banking" in Russia is considered in detail in the studies of Ruchkin G.F. [12], Khavanov I.A. [13] and Gazizullin R.I. [14]. The works of Emelin L.A., Shvachko N.A. [15] and Magomedov P.A. [16] are devoted to the issues and problems of the development of partner (Islamic) financing activities in Russia and the CIS countries. Such an instrument of partner (Islamic) financing as ijara – rent is studied in detail and comprehensively, considered and analyzed in the works of Umarov H. [17, 18]. The principles of forming financial statements according to the standards of partner (Islamic) financing are studied in detail and comprehensively, reviewed and analyzed in the works of F.I. Kharisov and her co-authors [19, 20, 21]. Such an instrument of partner (Islamic) financing as sukuk securities is studied in detail and comprehensively, considered and analyzed in the works of G.G. Derzayeva [22, 23]. Insurance based on the principles and rules of partner financing and called takaful is studied in articles by R. Beckin [24, 25]. Thus, these authors have made a significant contribution to understanding the mechanisms of Islamic finance, especially in matters of risk management theory, macroeconomic context, and management aspects in this area. In addition, the Russian school of scientists, represented by the works of the above-mentioned authors, made an important contribution to the study of the adaptation of Islamic finance to Russian realities, and demonstrated in-depth analysis of a number of Islamic finance tools, such as ijara and sukuk, which enriches the theoretical understanding of these financial products. At the same time, many practical aspects of the introduction of partner financing in Russia in general, and its individual instruments in particular, remain unresolved. Among the practical Russian experience, we will highlight the following steps. Certain elements of partner (Islamic) financing have been introduced for several years by such banks as Sberbank, AkBars Bank and others. Also, the circle of scientists and practitioners annually hosts events dedicated to the implementation of the principles and rules of partner financing in the Russian economy, for example, the International Economic Forum "Russia – the Islamic World: KazanForum", which has been held in Kazan for 15 years. Thus, based on the results of the above, a number of conclusions can be drawn: 1) Partner financing activities are not only supported by the government at the legislative level, but are also a very relevant research topic among Russian scientists, as well as a very attractive area for Russian partner financing organizations that use it to enter the eastern international capital markets. 2) Despite the availability of a sufficient number of publications devoted to partner financing activities, many issues of theory and practice remain unresolved, since the topic of partner financing is quite new to Russian reality – the federal law on partner financing was adopted and put into effect only in 2023. 3) An analysis of the current state of partner financing in Russia is needed.
Methodology In connection with the above conclusions, it becomes necessary to study the challenges and opportunities that arise for Russia and the CIS countries in connection with the introduction of the principles and rules of partner financing into economic phenomena. For Russia, these challenges and opportunities are opened up by the enactment of the Federal law on Partner financing No. 417-FZ dated 08/04/2023. To achieve this goal, we will set and solve the following tasks in the article: 1) To analyze the current state of partner financing activities in the member States of the Organization of Islamic Cooperation, which includes the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, the Republic of Tajikistan and the Republic of Uzbekistan among the CIS countries. 2) To determine the list of necessary steps on the part of scientists, practitioners, specialists and the government so that Russian partner financing organizations can integrate into the Eastern international markets in the best and most effective way. To solve these problems, we use the following methods: 1) Scientific analysis of modern and historical literature for the study of the current state of the problem. 2) Analysis of regulatory documents to identify the current state of partner financing activities in the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, the Republic of Tajikistan and the Republic of Uzbekistan 3) Comparison and comparison to determine the list of necessary steps on the part of scientists, practitioners, specialists and the government so that Russian partner financing organizations can integrate into Eastern international markets in the best and most effective way.
Results As noted above, the governments of the countries that are members of the Organization of Islamic Cooperation are most interested in developing partner financing activities, among the CIS countries are: the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, the Republic of Tajikistan and the Republic of Uzbekistan. We will assess the current development of partner financing activities in these countries in table 1 of Appendix 1.
Table 1 Partner financing activities in the CIS countries
Source: Compiled by the author based on the materials of the sites: https://www.fsb.org/2019/11/2019-list-of-global-systemically-important-banksg-sibs/ http://iirating.com/corprofile.aspx http://aaoifi.com/
Thus, according to Table 1, it can be concluded that among the CIS countries that are members of the Organization of Islamic Cooperation, the most developed system of Islamic banking is in Kazakhstan, Kyrgyzstan and Tajikistan. However, even in these countries, despite the widespread use of both Islamic banks themselves or individual Islamic products, as well as a fairly developed legislative and practical framework, there are still many unresolved problems of implementing Islamic economic principles. The Islamic Development Bank, an international financial organization that itself operates according to Islamic principles and helps other countries implement Islamic principles in the banking system, plays a huge role in solving these problems in these countries. Currently, this bank cooperates with 57 countries. A very interesting point is the fact from table 1 that Russia, unlike the rest of the countries under consideration, is moving away from the term "Islamic", and is already introducing the term "partner" at the legislative level, for example, not an Islamic bank, but an organization of partner financing, not Islamic products, but partner financing activities, not Islamic principles, and the principles of partner financing. Of course, the essence and meaning do not change from this, but still the religious color disappears. From another point of view, it is obvious that moral and ethical principles and rules come from religion, therefore, we do not see any problem in the religious coloring of economic phenomena. Conclusions similar to Table 1 can be obtained using an expert assessment on a scale from 1 to 5, where 5 is the maximum value of the indicator, and 1 is the minimum value of the indicator. At the same time, the number of experts involved in the assessment does not matter significantly. Thus, the involvement of experts to assess the current state of development of partner (Islamic) financing activities allowed us to obtain the data shown in Figure 1.
Source: Compiled by the author based on the materials of the website: https://www.ifsb.org/
Fig. 1. Expert assessment of the development of Islamic banking in the CIS countries
Although there are no official statistics on Islamic banking in the CIS countries, it can be expected that in the coming years this sector will grow and develop, attracting the attention of both local and international investors. However, the volume of the partner financing market can be estimated based on the websites of the banks listed in Table 1. The volume of the partner financing market in Kazakhstan is about 5 billion US dollars by the end of 2022, which corresponds to about 1% of the total assets of the country's banking sector. This figure reflects a small but significant segment of the financial market, which demonstrates the potential for further growth. The volume of the partner financing market in Tajikistan, Kyrgyzstan and Uzbekistan is insignificant, since the formation of such a sector has only just begun. However, experts predict their rapid development, since Uzbekistan and Kyrgyzstan have a very large proportion of the Muslim population, and in Tajikistan, the development of partner financing is a purposeful policy of the state. In addition, Tajikistan actively cooperates with international financial institutions and banks, such as the Asian Development Bank (ADB) and the European Bank for Reconstruction and Development (EBRD), to attract investment and knowledge in the field of partner financing. Uzbekistan and Kyrgyzstan have secured appropriate support from the Islamic Development Bank. The volume of the partner financing market in Russia remains small compared to other countries where Islamic banking is more developed. Accurate data on the market volume is not available, as this segment of the financial market in Russia is still in its infancy. At the same time, Russian banks have actively engaged in partner financing activities. At the moment (a year has passed since the beginning of the experiment), 26 partner financing organizations are registered in the Register of Partner Financing Organizations, which is maintained by the Central Bank of Russia and published on their website. Let's look at the history of their registration in Figure 1.
Fig. 2. Dynamics of growth in the number of partner financing organizations in Russia.
Thus, according to Figure 2, it can be concluded that over time, the bank's interest in partner financing activities is growing. Let's look at the proposed partner financing products in the countries studied in table 2.
Table 2 Partner Financing Banking Products
According to table 2, it can be concluded that the range of products offered is quite small, but it is gradually expanding, and in the future we can expect the emergence of new Islamic financial products that meet the needs of the local market. The most important feature of partner financing activities is the ethical component, similar to Western ESG principles, which is expressed in the degree of trust of counterparties of partner financing organizations. Such trust played a very important role during the global banking crisis of 2007-2008, when many banks simply "burst", while "Islamic" banks "stood up". The most important factor here was the depositors' trust in the bank. This experience is becoming necessary even now in the context of global instability and anti-Russian sanctions. Many traditional economic instruments are losing their effectiveness, and such fundamentals of economics as "competition", "profit maximization" and "personal gain" turn out to be useless in a crisis. Instead, cooperation, trust, psychological principles of "win-win", ethical principles come to the fore when personal effectiveness is directly related to the effectiveness of contractors and society as a whole. Partnership financing activities are just an example of organizing activities based on ethical principles, since the moral and ethical foundations traditionally come from religion. Thus, the adoption of the federal law on partner financing opens up the possibility for Russia to build an ethical business. By implementing partner financing tools, Russia has faced certain challenges. First of all, it is necessary to correct regulatory legal documents, namely: amendments to the laws on banking, tax regulation and consumer protection, since partner financing organizations have difficulties with the legal registration of transactions that comply with Sharia law, as well as with the taxation of such transactions, despite the adoption of the federal law on partner financing. Thus, the modernization of legal regulation is simply necessary. Also, the main challenge in implementing partner financing operations is cultural integration, since Russia is a multinational country. It is necessary to conduct educational campaigns aimed at informing the public about the principles and benefits of partner financing. This will help reduce possible biases and increase confidence in new financial products. In addition, it is very important to focus on the "economic" nature of transactions, and not only their "Islamic" coloring. This approach will make it possible to attract not only the "Muslim" population of the country, which, however, is not small. A special challenge facing the country is the creation of a specialized infrastructure, including specialized financial institutions, consulting firms, educational institutions, investment funds, hedge funds, and insurance companies (takaful). It is also necessary to create an effective mechanism for regulating and overseeing the activities of partner financing organizations. One of the most time-consuming tasks is to adapt the software of partner financing organizations to reflect partner financing operations, since traditionally most software of Russian organizations was developed according to "Western" standards, that is, taking into account "Western" software products. Now, the most important task is to adapt these software products to the "Eastern" specific features. It is very important to take into account the experience of countries that have already implemented such software products, since they have been developing partner financing activities for many years. For example, these are Bahrain, the United Arab Emirates, Iran, India and a number of others. At the legislative level, in order to further develop partner financing activities, Russia will also have to amend some regulatory legal acts. First of all, this concerns tax legislation, which absolutely does not take into account the specific nature of partner financing operations. We are also talking about self-regulatory organizations, insurance and non-credit financial organizations. Legislation in these areas should also be supplemented, taking into account the specific nature of partner financing activities. But still, first of all, in our opinion, the development of partner financing activities should begin with educational activities in this area, since since ancient times in Russia the "east is a delicate matter", which has been overgrown with many myths, misconceptions and illusions. In order to form a realistic picture of what partner financing activities are, it is necessary to introduce appropriate educational products in higher educational institutions in Russia. An example of this can be seen on the website of Kazan Federal University, which teaches its undergraduates the principles and rules of partner financing, including through remote technologies. The specificity of solving the listed tasks of introducing Islamic banking in Russia lies in the need to combine legal, cultural, economic and technological aspects, which will require an integrated approach and the active participation of all stakeholders. To respond to these challenges, the country can use a number of advantages. First of all, this is the international support that foreign partners are ready to give to Russia, which they have declared annually for 15 years at the International Economic Forum "Russia – the Islamic World: KazanForum", confirmed by concluded agreements and memoranda, etc. There was no law, but now there is one. Cooperation with international organizations and banks specializing in Islamic banking will allow the exchange of experience and technologies, as well as attract external investments. This will accelerate the implementation process and increase the efficiency of Russian Islamic financial institutions. In addition, in order to respond to the challenges facing Russia in the process of implementing partner financing, it is necessary to use modern digital technologies, such as blockchain, fintech solutions, and artificial intelligence, although developing, but already quite accessible, which will greatly simplify the processes of implementing and managing financial products. This will make the services more accessible and convenient for customers. It should also be noted the importance of promoting the ideas of social responsibility and sustainable development, which are an integral part of the Islamic financial model. This may include support for environmental initiatives, charitable programs, and other social projects. The presentation of partner financing activities from this point of view will quickly gain popularity among the "thinking" population of the country, regardless of religion and culture, since this is a universal idea for all mankind. By responding to these challenges, Russia will have opportunities to expand access to international investments, diversify the financial market, support socially responsible investment, improve financial services for the Muslim population, and strengthen international image and cooperation. This confirms the prevalence of partner financing operations in the world in different countries, which is shown in Figure 3 (the figure is based on data on the website https://www.ifsb.org /). In addition, by developing cooperation with the Eastern world, Russia is giving a worthy response to the anti-Russian sanctions of the West.
Fig. 3. The prevalence of partner financing operations (in terms of assets in billions of US dollars) in the world.
The organization of partner financing in Russia and abroad has both similarities and differences due to various factors, including the legal framework, economic conditions, culture and traditions. Let's look at the main aspects concerning these differences and similarities in Table 3.
Table 3 Comparison of approaches to the organization of partner financing in Russia and abroad
Thus, a comparison of approaches to the organization of partner financing in Russia and abroad in Table 3 shows that, despite the general principles and goals, there are significant differences in the degree of market development, legal framework, culture and infrastructure. For the successful implementation of Islamic finance in Russia, it is necessary to further improve the legal framework, develop infrastructure and raise public awareness.
Conclusion Thus, based on the results of the conducted research, a number of conclusions can be drawn: 1) The study of the current state of the problem by the method of scientific analysis of modern and historical literature allowed us to conclude that the activity of partner financing is not only supported by the government at the legislative level, but is also a very relevant research topic among Russian scientists, as well as a very attractive area for Russian partner financing organizations that use it to enter the market eastern international capital markets. Despite the availability of a sufficient number of publications devoted to partner financing activities, many issues of theory and practice remain unresolved, since the topic of partner financing is quite new to Russian reality, since the federal law on partner financing was adopted and put into effect only in 2023. 2) The analysis of regulatory documents allowed us to determine that among the CIS countries that are members of the Organization of Islamic Cooperation, the most developed system of Islamic banking is in Kazakhstan, Kyrgyzstan and Tajikistan. However, even in these countries, despite the widespread use of both Islamic banks themselves or individual Islamic products, as well as a fairly developed legislative and practical framework, there are still many unresolved problems of implementing Islamic economic principles. The Islamic Development Bank plays a huge role in solving these problems in these countries. 3) The methods of comparison and comparison made it possible to identify a list of necessary steps on the part of scientists, practitioners, specialists and the government so that Russian partner financing organizations could integrate into the eastern international markets in the best and most effective way. This is primarily the introduction of amendments to tax legislation, legislation on self-regulatory organizations, non-credit financial organizations and insurance. Also, the most important challenge is the formation of software products designed to take into account the specific features of partner financing operations, and, of course, educational activities. 4) The conducted research has supplemented scientific knowledge regarding the current state of development of partner financing in Russia, CIS countries and abroad. In addition, the study identifies further directions for the development of partner financing in Russia and identifies tools that can accelerate this development: international cooperation, training of highly qualified personnel, artificial intelligence, blockchain and fintech, as well as the positioning of partner financing not from the point of view of "religion", but from the point of view of "economics" and social responsibility. References
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