PARTICIPATORY FINANCING AS A FACTOR OF DEVELOPMENT

Abstract

The article describes the prospects for participatory financing in Russia and the expediency of supporting the activities of specialized financial institutions to develop the national economy. In this context, the experience of European countries, Malaysia, the Gulf countries plays an important role. In modern conditions, the international financial and economic crisis and increased competition for sources of raw materials and for goods and services markets demonstrate the vulnerability of the world economy, its imperfections and stress the need for the use of new tools and less risky sources of financing. The article explains the need for improved regulation in the area of participatory financing, gives recommendations for the development of appropriate infrastructure and the use of world experience. The Federal Law “On financial partner organization” recently introduced to the legal framework meets regulatory principles of traditional banking business, expands working areas of specialized financial institutions and will contribute to the economic development of Russia.