The awareness of the population about Islamic financial services was studied in Tatarstan

20 September 2021, Monday

In August 2021, in order to study the awareness of Tatarstan citizens about partner (Islamic) finance, their demand and the willingness of citizens to participate in investing in this area, the Department of Socio-Economic Monitoring of the Ministry of Economy of the Republic of Tatarstan conducted a sociological survey "Demand for partner (Islamic) financial services from the population of the Republic of Tatarstan". 2.6 thousand Tatarstan citizens from 45 municipal districts of the republic took part in the survey. 

The Republic of Tatarstan is an attractive region of Russia for investing in partner (Islamic) products. The conducted research confirms the need for the development of this direction, which allows residents of the republic to actively use the tools of Islamic financial services. 

According to the survey results, only 43% of respondents have information about partner (Islamic) finance. Among those citizens who are interested in these financial products, the most popular and planned to be used are the purchase and sale of real estate with installment payments (murabaha) (63.4%), investment products (mudaraba) (61.5%), as well as the purchase and sale of goods with installment payments (commodity murabaha) (56.1%).

Among the factors that encourage using this category of financial products, respondents more often include "compliance with ethical and religious norms" (44.1%)," absence of penalties and fines" (36.7%), "higher profitability" (23%).

Most often, residents of the republic receive information about financial products of this category from the Internet (27.6%), 14.5% – from religious organizations, 13.6% – from the media, 10.2% – from relatives and friends.

The results of the survey will be used in further work on the development of Islamic banking in the Republic of Tatarstan.

For reference: Islamic banking is also called partner banking. This name is the very essence of the phenomenon. Instead of an interest-bearing loan, the bank buys the goods for the borrower and transfers it to the borrower on certain monetary terms. It enters into a share in the project, sharing the profit or loss. Together with Islamic leasing and insurance, Islamic banking is part of a system called Islamic finance. 

 

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