Islamic finance in the eyes of businesses and population of the CIS countries

Abstract

In recent decades, Islamic finance has expanded its presence to many countries, including the post-Soviet space. The results of our research based on focus groups (in-depth discussions) with the population and business representatives have shown the public attitude to interest and usury, societal views on the place of Islamic banks and Islamic finance in the economy. In addition, the advantages and disadvantages of Islamic financial projects implemented in the CIS countries have been revealed. The paper identifies forms of self-organization following the principles of Islamic finance in the conditions of their low accessibility for business and the population. Focus groups have allowed us to identify a serious demand for education and expansion of knowledge in this area. A wide palette of opinions and public perceptions of Islamic finance from positive and negative sides is shown.