The need to development of Islamic banking as an alternative form of financing Tajikistan's economy
Keywords:
Islamic banking, monetization coefficient of the economy, financial depth indicators, MSME financial gap, money supply, monetary base, money multiplier, interest rateAbstract
Objectives. The article is devoted to an actual problem for Tajikistan of a lack of financial resources for economic development. Using indicators of the monetization of the economy, financial depth, financial gap calculated by the World Bank, the author proves that the country's economy is in dire need of monetary resources. It also substantiates the idea that the National Bank is forced to pursue a restrictive monetary policy due to high inflation rates in the country.
Results. The problem of lack of financing, according to the author, can be solved by searching for alternative banking methods of financing, such as venture financing, crowdinvesting and other areas of non-state financing of business, including Islamic banking. Islamic banks are based on the unique principle of sharing profits and risks with their customers. Both banks and customers are jointly and severally liable for business results. Islamic banking is focused on the development of the real sector and through its operations connects money with real production. Thus, Islamic banking contributes to the inflation-free development of production. Islamic banking has a number of advantages over classical banking. The most important benefits are that Islamic banking is based on real assets; it provides distribution of profit and loss in commercial activities; provides partnership in the company; promotes financial justice; provides non-inflationary financing of the business, linking money with real assets.
Conclusion. Thus, Islamic banking leads to product growth and provides financing for this growth. Consequently, Islamic finance will contribute to the growth of the financial depth of the Tajik economy and increase its monetization on a non-inflationary basis.
References
https://cyberleninka.ru/article/n/osnovnye-napravleniya-razvitiya-ekonomiki-respubliki-tadzhikistan. – Дата доступа: 28.04.2020.
2. Индекс экономической свободы. Рейтинг стран [Электронный ресурс]. – Режим доступа:
https://www.heritage.org/index/ranking. – Дата доступа: 20.04.2020.
3. Всемирный банк в Таджикистане [Электронный ресурс] / Обзор экономики Таджикистана. – Режим доступа: https://www.worldbank.org/en/country/tajikistan/overview. – Датадоступа: 15.04.2020.
4. MSME finance gap. Assessment of the shortfalls and opportunities in financing micro, small and medium enterprises in emerging markets [Electronic resource]: International finance corporation 2017 – Mode of access:
https://www.smefinanceforum.org/sites/default/files/Data%20Sites%20downloads/MSME %20Report.pdf.
5. Бедность в Таджикистане 2019 / Всемирный банк [Электронный ресурс]. – Режим доступа: https://www.vsemirnyjbank.org/ru/news/infographic/2019/10/17/poverty-in-tajikistan-2019. – Дата доступа: 14.05.2020.
6. Золотарева, О.А. Финансовая глубина экономики / О.А. Золотарева, А.А. Минченко // Право. Экономика. Психология: научно-практический журнал. – 2019. – № 2 (14). – С. 23-32.
7. Золотарева, О.А. Развитие институциональных основ государственной монетарной политики (на примере Республики Беларусь): дисс. … д-ра экономических наук: 08.00.10 – Финансы, денежное обращение и кредит / О.А. Золотарева; [Федер. госбюджет, образоват. учреждение высш. образования «С.-Петерб. гос. экон. ун-т»]. – Санкт- Петербург, 2015.
8. Пехтерева, Е.А. Исламские финансы и перспективы исламского банкинга в России / Е.А. Пехтерева // Экономические и социальные проблемы России. – 2015. – №1. – С. 107-123.
9. Таджикистан: Рогунская ГЭС – Потенциальный ресурс для наращивания человеческого капитала. Доклад об экономике. Осенний выпуск 2018 / Всемирный банк. http://pubdocs.worldbank.org/en/817421547182498715/Tajikistan-CEU-Fall-2018-FINAL-Rus.pdf
10. Всемирный банк. Широкие деньги (% от ВВП) [Электронный ресурс]. – Режим доступа:
https://data.worldbank.org/indicator/FM.LBLBMNY.GD.ZS?view=chart
11. Всемирный банк. Внутренний кредит частному сектору (% от ВВП) [Электронный ресурс]. – Режим доступа: https://data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS?view=chart
12. Всемирный банк. Рыночная капитализация листинговых отечественных компаний (% от ВВП) [Электронный ресурс]. – Режим доступа: https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS?view=chart
13. Всемирный банк. Изменяющаяся региональная среда: важно извлечь выгоду [Электронный ресурс]. – Режим доступа: http://pubdocs.worldbank.org/en/178871532077373948/TJ-economic-update-1807-ru.pdf
References
1. Sarkhatov R.I. Osnovnye napravlenija razvitija jekonomiki Respubliki Tadzhikistan [The main directions of development of the economy of the Republic of Tajikistan]. Sel'skohozjajstvennye nauki. Jekonomicheskie nauki [Agricultural Sciences. Economic sciences]. 2015, no. 4. (In Russian). Available at: cyberleninka.ru/article/n/osnovnye-napravleniya-razvitiya-ekonomiki-respubliki-tadzhikistan (accessed: 04/28/2020)
2. Indeks jekonomicheskoj svobody. Rejting stran [Index of economic freedom. Country rating] (In Russian). Available at: https://www.heritage.org/index/ranking. (accessed: 04/20/2020)
3. Vsemirnyj bank v Tadzhikistane [The World Bank in Tajikistan]. Overview of the Tajikeconomy. (In Russian). Available at: https://www.worldbank.org/en/country/tajikistan/overview. (accessed: 04/15/2020)
4. MSME finance gap. Assessment of the shortfalls and opportunities in financing micro, small and medium enterprises in emerging markets. International finance corporation 2017. Available at:
https://www.smefinanceforum.org/sites/default/files/Data%20Sites % 20downloads / MSME% 20Report.pdf
5. Poverty in Tajikistan 2019 / World Bank (In Russian).
Available at: https://www.vsemirnyjbank.org/en/news/infographic/2019/10/17/poverty-in-tajikistan-(accessed: 2019. 05/14/2020).
6. Zolotareva O.A., Minchenko A. A. Finansovaja glubina jekonomiki [The financial depth of the economy]. Pravo. Jekonomika. Psihologija: nauchno-prakticheskij zhurnal [Law. Economy. Psychology: a scientific and practical journal]. 2019, no. 2 (14), pp. 23-32. (In Russian)
7. Zolotareva O.A. Razvitie institucional'nyh osnov gosudarstvennoj monetarnoj politiki (na primere Respubliki Belarus') [The development of the institutional foundations of state monetary policy (for example, the Republic of Belarus)]: abstract of Doctor of Economic Sciences:. St. Petersburg, 2015. (In Russian)
8. Pekhterev E.A. Islamskie finansy i perspektivy islamskogo bankinga v Rossii [Islamic Finance and the Prospects of Islamic Banking in Russia]. Jekonomicheskie i social'nye problemy Rossii [Economic and social problems of Russia]. 2015, no. 1, pp. 107-123. (In Russian)
9. Tadzhikistan: Rogunskaja GJeS – Potencial'nyj resurs dlja narashhivanija chelovecheskogo kapitala. Doklad ob jekonomike. Osennij vypusk 2018 [Tajikistan: Rogun Hydroelectric Power Station. A Potential Resource for Building Human Capital. Report on the economy. Autumn edition 2018]. World Bank. (In Russian). Access mode: http://pubdocs.worldbank.org/en/817421547182498715/Tajikistan-CEU-Fall-2018-FINAL-Rus.pdf.
10. Vsemirnyj bank. Shirokie den'gi (% ot VVP) [The World Bank. Broad money (% of GDP)]. (In Russian). Available at: https://data.worldbank.org/indicator/FM.LBLBMNY.GD.ZS?view=chart
11. Vsemirnyj bank. Vnutrennij kredit chastnomu sektoru (% ot VVP) [The World Bank. Domestic credit to the private sector (% of GDP)]. (In Russian). Access mode: https://data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS?view=chart
12. Vsemirnyj bank. Rynochnaja kapitalizacija listingovyh otechestvennyh kompanij (% ot VVP) [The World Bank. Market capitalization of listed domestic companies (% of GDP)]. (In Russian). Available at: https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS?view=chart
13. Vsemirnyj bank. Izmenjajushhajasja regional'naja sreda: vazhno izvlech' vygodu [The World Bank. The changing regional environment: it is important to profit]. (In Russian). Available at: http://pubdocs.worldbank.org/en/178871532077373948/TJ-economic-update-1807-ru.pdf
Downloads
Published
How to Cite
Issue
Section
License
he author provides the Editorial Board of the journal for the entire duration of the exclusive rights to the Work the following rights:
1. the right to reproduce the Work (publication, publication, duplication, duplication or other reproduction of the Work) without restriction of copies. In addition, each copy of the Work must contain the name of the author of the Work;
2. the right to distribute the Work in any way;
3. the right to be included in the composite work;
4. the right to be communicated to the public;
5. the use of metadata (title, name of the author (copyright holder), annotations, bibliographic materials, etc.) of the Works by distributing and making available to the public, processing and systematization, as well as inclusion in various databases and information systems.
6. the right to transfer, on a contractual basis, the rights partially or fully obtained under this contract to third parties without payment to the Author of remuneration.
The author transfers the rights to the Editorial Board under this Agreement on the basis of a non-exclusive license.
The editorial staff is obliged to observe the copyrights provided for by the current legislation, the rights of the Author, as well as to protect them and take all possible measures to prevent copyright infringement by third parties.
The territory in which the use of rights to the Works is allowed is not limited.
The author also provides the Editorial Board with the right to store and process the following personal data with no time limit:
• Full Name;
• Date of Birth;
• education information;
• information about the place of work and position;
• information on the availability of published works of literature, science and art.
Personal data are provided for their storage and processing in various databases and information systems, their inclusion in analytical and statistical reporting, the creation of reasonable interrelationships of objects of science, literature and art with personal data, etc.
The editorial board has the right to transfer the specified data for processing and storage to third parties, subject to notification of such a fact with the provision of information about a third party (name and address) to the Author.
The withdrawal of consent to the storage and processing of personal data is made by the Author by sending a written notice to the Editorial Board.
The author and the Editorial Board of the journal bear, according to the current legislation of the Republic of Belarus, property and other legal responsibility for non-fulfillment or improper fulfillment of their obligations.
The Party that improperly performed or did not fulfill its obligations is obliged to indemnify the losses incurred by the other Party, including lost profits.
All disputes and disagreements of the Parties arising from the terms of this Agreement shall be settled by negotiation, and if they fail, the indicated disputes shall be settled in court in accordance with the current legislation of the Republic of Belarus.
The termination of this agreement is possible at any time by mutual consent of the Parties, with the obligatory signing of the relevant agreement by the Parties.
Termination of this agreement unilaterally is possible in cases stipulated by the current legislation, or by a court decision.
In all that is not provided by this agreement, the Parties are guided by the norms of the current legislation of the Republic of Belarus.
