A New Approach in Education for Islamic Finance Awareness in Russia

Abstract

At present, Russia has a unique situation with regard to Islamic finance. On the one hand, there is a huge interest and demand for educational programs in this specialty, not only among Muslims but others as well. On the other hand, presently there are not many job opportunities available in this area. This reflects the lack of solvency of demand for Islamic educational products in educational sphere, and interestingly, each group of citizens has its own motives. Most ordinary citizens who have a sincere interest in Islamic finance have naïve understanding about finance in general. Professionals in finance also show great interest in Islamic finance, but the lack of employment prospects for this specialty does not allow them to acquire appropriate educational services. Otherwise, it will be an investment with zero returns. Finally, many high-rank officials - especially after imposition of financial sanctions against Russia – demonstrate a careful demand for Islamic finance sector. They do expect that Islamic finance will solve many of the financial problems of the country and yet they face lack of proper understanding of the specifics of Islamic finance. In general, there is a huge demand for educational products in the sphere of Islamic finance in Russia. However, there is a need for a new approach in education. Therefore, this paper will focus on the followings three focus groups: a) various educational courses to increase public awareness on finance in general and on Islamic finance in particular; b) training for regional leadership and top officials on Islamic finance; c) special programs and training for experts in finance.