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Developments of Islamic Finance in Eastern Europe and Caucasus Region

In: Islamic Finance in Eurasia

Author

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  • Madina Kalimullina

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.

Suggested Citation

  • Madina Kalimullina, 2024. "Developments of Islamic Finance in Eastern Europe and Caucasus Region," Chapters, in: M. K. Hassan & Paolo Biancone & Aishath Muneeza (ed.), Islamic Finance in Eurasia, chapter 2, pages 28-44, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22161_2
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035308705.00010
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