Finance

Unlike conventional finance, where profit is derived from interest on loans, Islamic finance works on a different logic: income only arises from real assets and shared risk. Over the past half-century, Islamic finance has grown into a global industry spanning 140 countries.

Participants in the Bank of Russia’s Financial Congress discussed the impact of the rapid development of artificial intelligence on the economy, the risks it carries, and how regulators should respond.

The dispute between banks and marketplaces over price discrimination based on payment method has moved into a dialogue phase. Participants in the Bank of Russia’s Financial Congress discussed just how successful it has been.

Participants in the Bank of Russia’s Financial Congress discussed whether the risks to financial stability had increased over the past year and to what extent banks were prepared to meet new challenges.

The large-scale introduction of the digital ruble will begin in Russia in September 2026. Participants in the Bank of Russia’s Financial Congress discussed what needs to be done to ensure that it becomes a technological platform for the development of the entire financial market.

Crowdfunding needs more than just money and internet access to grow. Interpersonal trust, institutional predictability, and cultural behaviour patterns are essential for collective investment: crowdfunding can serve as a mirror reflecting the level of trust in the economy.

Stock market capitalisation plays a significant role in creating wealth for the population, and often draws the attention of financial authorities. But what drives capitalisation growth and what is its ‘optimal’ size? Some of the answers can be found in economic science.

The Russian market is assimilating key green financial instruments: bonds, corporate lending, and mortgages. However, there are other forms of sustainable finance that could also potentially take root in the market.

Russian companies became more generous with their dividends. Corporate reports for 2005–2023 show that major corporations provide the largest payments, while third-tier issuers pay dividends most frequently. However, a focus on dividends does not guarantee a return on investment.

Cryptocurrencies have become a riskier asset than they once were and no longer add diversification to investment portfolios. Cryptoassets more and more resemble lottery tickets in terms of risk profile.

Global lenders are focused on financing development projects in good times. In times of crisis, they switch to stabilisation loans and become ‘firefighters’. This is the role being increasingly played by development banks, data from 11 countries of the Eurasian region show.

Exchange-traded funds (ETFs) are gradually supplanting all other types of funds in the financial market. Their rampant growth makes it simpler for millions of investors to enter markets. However, their expected dominance might have effects that are yet to be explored.

From 2022 on, Russian retail investors will be allowed to buy foreign exchange-traded funds (ETFs). This regulatory decision tackles several objectives, from making investments more balanced to encouraging competition among asset management companies.

New legislative requirements for communication with non-qualified investors are meant to enhance the protection of individuals in financial markets and increase market transparency by providing more comprehensive information about financial products to investors.

Digitalisation is changing the payment market and consumer behaviour in many countries. This raises the question of whether it would be expedient to introduce an additional form of money that would meet the requirements of the digital age: a central bank digital currency.

The evolution of cross-border financial services has created new relations that are not regulated by any supranational body. This gives rise to the problem of regulatory arbitrage, which does not yet have a common solution.