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2023-01-04 Caucasus/Russia/Central Asia
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Russian state bank begins Islamic banks in four regions
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Direct Translation via Google Translate. Edited.
[KavkazUzel] Anatoly Aksakov, head of the State Duma committee on the financial market, announced the launch of Islamic banking in four regions of Russia, including Chechnya and Dagestan, in February.
The "Caucasian Knot" has reported that in August 2022 it became known that the Central Bank of Russia planned an experiment to develop Islamic banking in Chechnya and Dagestan, the pilot project was announced for 2023.
The implementation of the Islamic banking project requires changes in federal legislation, experts in the field of finance have previously pointed out. Islamic finance services in Russia are more expensive than conventional banking services, these conditions are unattractive for business against the backdrop of sanctions, they explained.
Russian credit institutions may begin to provide financial products on the principles of Islamic banking as early as February, Izvestiya writes with reference to Anatoly Aksakov, head of the State Duma committee on the financial market.
According to the deputy, the State Duma will adopt a bill on Islamic banking in the second and third readings already in January, and it may be launched next month. Tatarstan, Chechnya, Dagestan and Bashkortostan will participate in the pilot project, Lenta.ru reports.
The Central Bank conceptually supports the bill on such an experiment, the press service of the regulator reported.
The head of Ingushetia also announced the launch of Islamic banking in the region. In September 2022, Mahmud-Ali Kalimatov announced that the republic was among the regions where the Central Bank would conduct an experiment to develop this project. He expressed the opinion that the new financial model will help increase the demand for banking services in the region. At the same time, Kalimatov did not name any deadlines for launching Islamic banking. The head of the State Duma committee, speaking now about the project, did not mention Ingushetia.
Recall that in February 2018, the participants of the Islamic economic forum "Russia - the guarantor of partnership" announced that plans to create Islamic financial structures in Russia faced severe legislative restrictions . They suggested creating a special zone in Chechnya for testing the mechanisms of Islamic banking.
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Posted by badanov 2023-01-04 00:00||
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