For citation:
Kryukov, V. A., & Abogsysa, J. (2025). Islamic Finance: A New Horizon for Russian Oil Companies. AlterEconomics, 22(2), 282–302. https://doi.org/10.31063/AlterEconomics/2025.22-2.6
Abstract:
This paper provides an in-depth analytical review of the role institutions and regulatory agencies play in shaping business practices within Saudi Arabia’s oil industry, with a focus on their influence on the country’s energy sector and its alignment with Islamic economic principles. The review explores key regulators, including the intersection of Islamic finance and oil production, drawing connections between the Islamic countries and Russia’s Tatneft, particularly in contexts like Turkmenistan, Turkey, and Libya. The analysis highlights how Islamic financial tools — such as Sukuk, Murabaha, and Musharakah — can facilitate business operations within the MENA region, aligning capital allocation with Shariah principles. The review also briefly mentions Saudi Arabia’s Vision 2030, which aims to diversify the country’s economy and reduce its reliance on oil exports by promoting the growth of Islamic finance practices and the integration of more sustainable business models. Key recommendations center on expanding the application of Islamic finance tools within the energy sector, establishing partnerships with local financial institutions, and increasing Tatneft’s participation in Islamic markets through project financing and joint ventures. By emphasizing ethical governance and compliance with Shariah standards, businesses can better position themselves for long-term success in the region while contributing to economic diversification and sustainability.
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