In a world of evolving financial systems, Islamic finance stands out for its ethical and value-driven foundations. To explore its growing relevance and the potential for partnership between Oman and Russia, we held this dialogue with Professor Alena Dolgova from the Moscow State Institute of International Relations (MGIMO). An international expert on the creation and development of International Financial Centres (IFCs), Professor Dolgova has over a decade of experience working with IFC administrations, international organisations, and government bodies.

Islamic finance offers a values-based model grounded in ethical principles such as risk-sharing, asset-backing, and the avoidance of speculation and interest. These foundations make it particularly appealing not only to Muslim-majority societies, but also to investors and institutions looking for more responsible and inclusive financial solutions. In today’s environment, marked by financial uncertainty and demand for trust, Islamic finance provides a credible alternative that combines financial discipline with social responsibility.

2. Economic cooperation often reflects cultural coexistence and understanding. How do you see the relationship between Oman and Russia supporting collaboration in Islamic finance and investment?

The relationship between Oman and Russia is based on mutual respect, growing trust, and shared strategic interests. Islamic finance can serve as both a practical investment channel and a cultural bridge. Oman’s experience and regulatory infrastructure can provide valuable insights for Russian stakeholders, while Russia offers new markets, investment projects, and academic capacity. Our collaboration in this field strengthens not only economic ties, but also dialogue between financial cultures that are based on shared ethical values.

3. Russia is relatively new to Islamic finance. What opportunities and challenges do you expect in introducing and developing this model within the Russian context?

Russia has taken an important first step with the special experimental regime on Islamic finance - partner financing. The market potential is significant, over 20 million Muslims live in the country, and demand is growing. At the same time, challenges remain: from tax treatment and regulatory adaptation to the shortage of qualified professionals. But with strong support from governments and growing awareness, I see real potential for this model to integrate into Russia’s broader financial ecosystem, especially through digital tools and cross-border cooperation.

4. Oman has built a well-regulated Islamic finance sector in a relatively short time. What lessons could Russia and other countries learn from Oman’s experience?

Oman’s experience shows the importance of a balanced and proactive regulatory approach. By combining clear legal frameworks with Shariah governance standards and strong institutional support, Oman has created both investor confidence and public trust. Russia can benefit from this experience. Another key takeaway is Oman’s emphasis on human capital: professional training and public awareness are important.

5. Lastly, how can academic partnerships such as the one between SQU and MGIMO contribute to advancing knowledge and collaboration in this specialised field?

Academic partnerships are essential for long-term development. Islamic finance is a field that requires not only financial expertise, but also cultural understanding and ethical grounding. When universities collaborate, they create space for joint research, curriculum exchange, and professional training. They also build bridges between future decision-makers and help shape shared standards. The partnership between SQU and MGIMO is a good example of how education can support both policy and practice, and help Islamic finance grow in a way that is regionally relevant and globally connected.