The law on Islamic banking is ready for the second reading in the State Duma

The law on Islamic banking has been prepared for the second reading in the State Duma of the Russian Federation, scientific secretary of the Council of Ulema of the Spiritual Administration of Muslims of the Republic of Tatarstan Rustem Hazrat Nurgaleev told reporters at a press conference of the XIV International Forum "Russia - the Islamic World: KazanForum". Rustem hazrat Nurgaleev expressed hope that the law will be adopted this year.

The participants of the press conference also outlined the problems in the use of financial technologies by Muslims. "We are all used to ordering a taxi or food through a mobile application, similarly with financial products: there is a blockchain system, cloud technologies, and a mobile transfer system, which is very relevant. There are many interesting products. But since we are Muslims, it is important for us which of these interesting opportunities correspond to the norms of Islam, since something may be written in the contracts that does not correspond to them," Ruslan Khaliullin, an expert at the Russian Center for Islamic Economics and Finance at the Russian Islamic Institute, outlined the question.

He noted the importance of joint work in this direction with experts, muftiat scientists who conduct a verified analysis of new technologies. The most pressing issue and challenge, according to him, is the fact that new products implemented by startups position themselves as an Islamic product, without passing due examination. "Sometimes we see that large federal banks are going down the wrong path. Therefore, we urge everyone to work with experts," Khaliullin said.

Sahih invest project coordinator Artur Nurmukhametov said that during the implementation of the startup, from the very beginning, work was carried out with the council of scientists for compliance with the norms of Islam. "We analyzed, studied, verified each item, based on world practices, taking into account the current realities in the Russian Federation," he said.