Putin signs law on Islamic banking experiment in Bashkiria, Tatarstan, Dagestan and Chechnya
[ad_1]
President Vladimir Putin signed law on conducting an experiment on the introduction of Islamic banking in Bashkiria, Dagestan, Tatarstan and Chechnya. The experiment will run from September 1, 2023 to September 1, 2025.
Its participants when making transactions can’t to establish remuneration in the form of an interest rate, they are prohibited from financing activities related to the production of tobacco and alcohol products, weapons, ammunition and the trade in such goods, as well as the gambling business.
Islamic banking is a financial activity based on Sharia principles.
The minimum capital of a participant in the experiment, which is not a credit or non-credit financial institution, from September 1, 2023 will be 10 million rubles, from January 1, 2024 – 15 million rubles. The experiment can be extended to other regions by a government decision in agreement with the Bank of Russia.
Read more in the publication “Kommersant” “Islamic banking has been blurred”.
[ad_2]
Source link
