Islamic finance within the legal framework of Russia and the Commonwealth of Independent States

Dinara Minnigulova; Vladimir Trysyachny

VAK Russia 5.1.3 UDC 347.71

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ISLAMIC FINANCE WITHIN THE LEGAL FRAMEWORK OF RUSSIA AND THE COMMONWEALTH OF INDEPENDENT STATES Islamic finance within the legal framework of Russia and the Commonwealth of Independent States

АА Аа

Published in Vestnik of the St. Petersburg University of the Ministry of Internal Affairs of Russia · Volume 2026, Issue 3 · Pages 143–159 · Rubric: CIVIL LAW SCIENCES

Received: 03.04.2026 Accepted: 25.09.2026 Published: 30.09.2026 Language of publication: RUS

Authors

Dinara Minnigulova

ORCID

Vladimir Trysyachny

ORCID

Dinara Minnigulova

Academic degree: doctor of jurisprudence sciences

Science rang: docent

Saint Petersburg University of the MIA of Russia Russian Federation

ORCID

Vladimir Trysyachny

Academic degree: doctor of economic sciences

Science rang: professor

St. Petersburg University of the Ministry of Internal Affairs of the Russia Russian Federation · St Petersburg

ORCID

ABSTRACT

Introduction. The integration of “Islamic” finance into the legal framework of Russia and the CIS countries faces a fundamental clash of paradigms: between a model based on the prohibition of usury (riba), uncertainty (gharar) and speculation (maysir), and the traditional debt-based interest system. The adoption of Federal Law No. 417-FZ on partnership financing has enabled the piecemeal utilisation of Islamic financial institutions, but at the same time has revealed a number of contradictions requiring critical analysis of legal challenges and systemic constraints. The aim of the article is to identify the main barriers to the integration of “Islamic” finance into the legal framework of Russia and the CIS countries. Methods. The research methods employed included comparative legal analysis, content analysis of normative and doctrinal sources, as well as a systemic approach to evaluating regulatory financial models. Results. Analysis of the Russian experiment and the practices of CIS countries (Kazakhstan, Azerbaijan, Kyrgyzstan) regarding the introduction of “Islamic” finance into the legal framework, and its comparison with global best practices (the United Kingdom, Malaysia, the UAE), allows the following main conclusions to be drawn. 1. The key barriers to the integration of “Islamic” finance and banking into the Russian legal framework are the regional limitations of the experiment, the risk of double taxation, the absence of legal definitions of “Islamic financial instruments” and the impossibility of establishing fully-fledged “Islamic” banks within the framework of the current law “On Banks and Banking Activities”, which condemns this sector to operating in a “grey” legal area. 2. In the CIS countries, with the exception of Kazakhstan, Azerbaijan and Kyrgyzstan, the integration of “Islamic” finance faces a legal vacuum and fragmented legal regulation, whilst the most progressive legal solutions are demonstrated by Kyrgyzstan (legalisation of “Islamic” banking principles) and Kazakhstan (the legislative integration of “sukuk” and “Islamic” instruments). 3. The best international practices in the integration of “Islamic” finance and banking (the UK – regulatory neutrality; Malaysia – centralised Shariah supervision; UAE – specialised hubs and regulatory sandboxes) demonstrates that the sustainable development of “Islamic” finance and “Islamic” FinTech is impossible without the targeted development of adapted regulatory and institutional frameworks

KEYWORDS

“Islamic” finance, “Islamic” FinTech, “Islamic” bank, “Islamic” banking, partnership financing, legal experiment, regulatory sandbox, riba, maysir, sukuk, gharar, Shariah compliance

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GOST

Minnigulova D. B., Trysyachny V. I. Islamic finance within the legal framework of Russia and the Commonwealth of Independent States // Vestnik of the St. Petersburg University of the Ministry of Internal Affairs of Russia. 2026. no. 3. pp. 143-159. URL: https://vestnikkf.ru/en/nauka/publications/article/6a9c164132807fdbab872f88/islamic-finance-within-the-legal-framework-of-russia-and-the-commonwealth-of-independent-states/view. (Date of access 11.10.2026).

MLA

Dinara Minnigulova, Trysyachny V. I.. "Islamic finance within the legal framework of Russia and the Commonwealth of Independent States." Vestnik of the St. Petersburg University of the Ministry of Internal Affairs of Russia 2026.3 (2026): 143-159. URL: https://vestnikkf.ru/en/nauka/publications/article/6a9c164132807fdbab872f88/islamic-finance-within-the-legal-framework-of-russia-and-the-commonwealth-of-independent-states/view.

APA

Minnigulova D. B., Trysyachny V. I. (2026). Islamic finance within the legal framework of Russia and the Commonwealth of Independent States. Vestnik of the St. Petersburg University of the Ministry of Internal Affairs of Russia, 2026(3), 143-159. URL: https://vestnikkf.ru/en/nauka/publications/article/6a9c164132807fdbab872f88/islamic-finance-within-the-legal-framework-of-russia-and-the-commonwealth-of-independent-states/view

Chicago

Dinara Minnigulova, Trysyachny V. I.. "Islamic finance within the legal framework of Russia and the Commonwealth of Independent States." Vestnik of the St. Petersburg University of the Ministry of Internal Affairs of Russia 2026, no. 3 (2026): 143-159. URL: https://vestnikkf.ru/en/nauka/publications/article/6a9c164132807fdbab872f88/islamic-finance-within-the-legal-framework-of-russia-and-the-commonwealth-of-independent-states/view.

WIKI

{{cite journal | author = Minnigulova D. B., Trysyachny V. I. | title = Islamic finance within the legal framework of Russia and the Commonwealth of Independent States | journal = Vestnik of the St. Petersburg University of the Ministry of Internal Affairs of Russia | year = 2026 | volume = 2026 | issue = 3 | pages = 143-159 | url = https://vestnikkf.ru/en/nauka/publications/article/6a9c164132807fdbab872f88/islamic-finance-within-the-legal-framework-of-russia-and-the-commonwealth-of-independent-states/view }}

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ISLAMIC FINANCE WITHIN THE LEGAL FRAMEWORK OF RUSSIA AND THE COMMONWEALTH OF INDEPENDENT STATES Islamic finance within the legal framework of Russia and the Commonwealth of Independent States

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