Research of the financial services market in the Republic of Tatarstan

Abstract

Islamic financial services have long been part of the Russian economy. Despite the insignificant share, there is an increase in the number of companies in the Islamic financial services market, as well as important institutional adjustments appear, manifested in an increase in the effectiveness of control over market entities. Among the regions of Russia, the Republic of Tatarstan is distinguished by a wide range of services provided, the fact of which makes the analysis interesting. The purpose of this article is to explore the current processes observed in the Islamic finance market of Tatarstan and identify reserves to increase market capacity.The methodological basis of the scientific article is an institutional approach that allows analyzing the influence of institutions on the activity of the Islamic finance market of Tatarstan.During the analysis of the services provided by the participants of the Islamic financial market of the Republic of Tatarstan, it was found that in the regional aspect there is a wide range of services, as well as a diverse approach to the implementation of Islamic contracts in practice, however, the lack of retail solutions should be highlighted as a growth reserve.