ST.PETERSBURG STATE UNIVERSITY Testimonial for Master's thesison the topic of"Islamic financial institutions in modern Russia: opportunities and constraints of development, carried outLakshin Anatoly MikhailovichFull name of the studentOOP in the Master's program "St. Petersburg State University" in the direction of "Economics 080100"profile: "Institutional Economics"1. Correspondence of the purpose, objectives and results of the research to the requirements of the SPbSU educational standard and the educational program in terms of mastering the established competencies. The goals, objectives and results of the research correspond to the established competencies. The author, on the basis of modern methods, generalized and practically applied the results obtained by domestic and foreign researchers of Islamic financial institutions, revealed promising directions for the development of applied theory of Islamic banking and Islamic insurance in Russia, on the basis of generalization of domestic and foreign experience, critically analyzed the specifics of the development of institutional financial structures in the world and in Russia, their current state and development prospects.2. Urgency of work. A. Lakshin's work is devoted to one of the alternative models of the financial system - Islamic finance, which is of interest in the context of the growing global uncertainty and financial fragility of the world economy. Moreover, one can not ignore the fact that Russia is a multi-religious country in which the Islamic population and Muslim culture occupy an important place. In modern conditions, the search for ways to harmonize the federal, all-Russian financial system and Islamic institutions is of current importance. I also note that the author has developed a number of recommendations on the development of Islamic insurance and banking in Russia, which, of course, causes scientific and practical interest in his work.3. Justification of the structure and logic of the research The structure and logic of the study are justified by the author's disclosure of the laws of the object of research - Islamic financial institutions and the problems of their formation in Russia. In general, A.Lakshin's work is of a complex, multi-level nature, it consistently reveals religious and ethical-economic principles of Islamic banking, features of Islamic financial institutions and tools in comparison with classical instruments, generalizes the world experience in the development of Islamic banking and insurance, directions of formation of Islamic insurance institutes and financial houses in Russia, the activity of the financial house "Amal" in Kazan is analyzed.In general, the work is of an independent nature, the author has worked a sufficient range of sources within the framework of the objectives of his research, presented and substantiated his position on the key issues of the formation of Islamic financial institutions in Russia.4. Scientific novelty and practical significance of the research. Elements of the scientific novelty of the research are that it attempts to identify the specificity of Islamic finance in the context of their compatibility with the principles of a market economy (an interest-free economy is not identical to Islamic finance, which is aimed at making a profit, which is regulated by ethical canons, as the author shows). A comparative analysis of Islamic and classical financial instruments was carried out. This allowed the author to specify the contents of the institutions of joint participation of banks and businesses in investment projects, taking into account the "prohibition of uncertainty" (mudaraba, musharaka, etc.). Elements of scientific and practical significance are determined by: a) the development of the principles of the business model of Islamic insurance in Russia "vakala + mudaraba + waqf" and b) the presentation of a set of recommendations for the development of Islamic financial institutions in Russia.The research was carried out based on the methodology of institutional analysis of the economy, historical and economic methods, correct generalizations of scientific and practical developments on the research topic, legislative and normative acts, databases of domestic and international economic organizations, information from the Internet were used.The schedule for the implementation of the WRC was respected.Admission to protection and evaluation of workThe work meets the necessary requirements and is allowed to protect. In case of successful protection, the author can claim a high, positive evaluation.scientific adviserdegree, title, position, Doctor of Economics, Associate Professor, Professor of the Department of Economic Theory of St. Petersburg State University                                                    Rumyantsev Mikhail Alexeevich Date 19.05. 2018