Pioneer Islamic Economics and Banking Experience in Tsarist Russia

  • Mohyedine Hajjar
  • Fatih Habib
Part of the Palgrave Studies in Islamic Banking, Finance, and Economics book series (IBFE)


Muslims in Tsarist Russia played a pioneering role in establishing Islamic economics and banking. The Tatar scholars ensured a profound reflection on Islamic economics. Tatar Islamic press also contributed to the diffusion of Islamic economics awareness and appealed to Muslims to enhance the economy, to develop industry and financial institutions, and to prohibit ribā. Their efforts led to the appearance of the first known journal, named Iqtisad, dedicated to the Islamic economy. This journal presented the first use of the idea of “Islamic Bank”. Tatar theologians used the mutual banks prototype to launch Islamic banking activity, as was the case of the mutual bank of the city of Samara. Sources mention that an Islamic bank was established in 1912 in St. Petersburg.


Islamic economics Islamic banking Islam Russia Tatar First Islamic bank First Islamic economic journal 


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“Iqtisad” Articles (in Historical Order)

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  2. “Issues related to the Islamic Bank”, “Ikatisad” magazine, 1909a, N°6, pp. 169–171.Google Scholar
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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Mohyedine Hajjar
    • 1
  • Fatih Habib
    • 2
  1. 1.Pantheon-Sorbonne UniversityParisFrance
  2. 2.University of KazanKazanRussia

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