Tatarstan is prepared to introduce Islamic banking

Tatarstan has been paying great attention to the development of Islamic finance for many years, he noted.

“Practical results have been achieved. Projects related to both the financial services provision and raising funds on the principles of partnership finance are being implemented,” said Midkhat Shagiakhmetov.

Among such projects, he named the purchase of machinery, equipment and real estate, investing in business development, etc. In July, it became known that Russia intends to introduce Islamic banking, which assumes no interest income.

Under Islamic law, it is forbidden to lend money at interest. Head of the Duma Financial Market Committee Anatoly Aksakov says documents regulating Islamic banking in Russia could be submitted to the chamber in the near future. According to the draft law, non-credit financial institutions of a new type - partnership financing organizations (OPF) will be entitled to engage in such banking. The central bank will regulate their activities. The regulator plans to launch a pilot project in Dagestan and Chechnya

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