A draft law on Islamic banking has been submitted to the State Duma
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Submitted to the State Duma bill about the pilot launch of Islamic banking in several regions of Russia. Anatoly Aksakov, head of the State Duma committee on the financial market, said that Tatarstan, Bashkortostan, Chechnya and Dagestan would become pilot regions.
Usury is forbidden in Islam, so Islamic banks do not lend money at interest and do not pay income on deposits. Islamic banking involves receiving money from investment income.
The document was submitted to the State Duma by a group of deputies, including Mr. Aksakov. The government, in agreement with the Bank of Russia, sets a two-year period for the experiment, which can be extended.
“The Republic of Tatarstan, together with Bashkortostan, Chechnya and Dagestan, will be included in the number of pilot regions for the implementation of Islamic banking,” Mr. Aksakov wrote in his Telegram.
According to him, the Islamic banking mechanism will contribute to a wider attraction of financial resources for the implementation of projects, including the use of digital technologies and tools.
August 5 CBR informedthat in 2023 it intends to launch a pilot project on Islamic banking in the Russian regions. The regulator announced that only Chechnya and Dagestan would participate in the experiment, but interest was also shown in Tatarstan and Bashkiria.
Read more about the initiative in the material “Kommersant FM” “Islamic banking was selected by the regions”.
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