The Ministry of Finance of Chechnya supported the idea of using maternity capital to buy housing through Islamic banking
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The Minister of Finance of Chechnya, Sultan Tagaev, said that the opportunity to use maternity capital to purchase housing using the mechanism of Islamic banking is especially relevant for the region. The fact that mother capital will be allowed to be used for relevant operations today, May 17, was announced by the head of the relevant committee, Anatoly Aksakov.
Islamic banking is a financial industry, work in which involves a number of features, such as the prohibition of interest-bearing loans, transactions with uncertainty, investments in the production of alcohol, gambling, etc. Islamic banking is based on operations with goods or assets, and not with money as such. The largest players in this segment are concentrated in the Middle East and the Gulf countries. The industry’s total assets are estimated at $2 trillion.
“For our republic, this is especially important, since every year the population is increasing, new residential complexes are constantly appearing, and in the life of Chechens a significant place is given to the construction of their own home,” said Mr. Tagaev. “RIA News”.
He also noted that the Islamic banking system will certainly prove its success and efficiency over time, since it has “many advantages.”
The authorities of the Russian Federation decided to legalize and regulate the work of Islamic banking in the Russian financial services market in July 2022. May 11, Head of the State Duma Committee on the Financial Market Anatoly Aksakov declaredthat the work on the relevant bill is almost completed, and the mechanism of Islamic banking can be launched in Russia from July 1.
Read more about this type of financial organization in the material “Kommersant” “The Bank of Russia will regulate Islamic banking”.
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