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Pioneer Islamic Economics and Banking Experience in Tsarist Russia

In: Islamic Finance in Europe

Author

Listed:
  • Mohyedine Hajjar

    (Pantheon-Sorbonne University)

  • Fatih Habib

    (University of Kazan)

Abstract

Muslims in Tsarist Russia played a pioneering role in establishing Islamic economics and banking. The Tatar scholars ensured a profound reflection on Islamic economics. Tatar Islamic press also contributed to the diffusion of Islamic economics awareness and appealed to Muslims to enhance the economy, to develop industry and financial institutions, and to prohibit ribā. Their efforts led to the appearance of the first known journal, named Iqtisad, dedicated to the Islamic economy. This journal presented the first use of the idea of “Islamic Bank”. Tatar theologians used the mutual banks prototype to launch Islamic banking activity, as was the case of the mutual bank of the city of Samara. Sources mention that an Islamic bank was established in 1912 in St. Petersburg.

Suggested Citation

  • Mohyedine Hajjar & Fatih Habib, 2019. "Pioneer Islamic Economics and Banking Experience in Tsarist Russia," Palgrave Studies in Islamic Banking, Finance and Economics, in: Mohyedine Hajjar (ed.), Islamic Finance in Europe, chapter 0, pages 257-269, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-04094-9_10
    DOI: 10.1007/978-3-030-04094-9_10
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    Cited by:

    1. Kalimullina, Madina, 2020. "Islamic finance in Russia: A market review and the legal environment," Global Finance Journal, Elsevier, vol. 46(C).

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