The State Duma adopted a bill on Islamic banking in the third reading. This was announced by the deputy of the lower house of Parliament from the Republic of Tatarstan Airat Farrakhov
The State Duma adopted a bill on Islamic banking in the third reading. This was announced by the deputy of the lower house of Parliament from the Republic of Tatarstan Airat Farrakhov
20 July
"The law on Islamic Finance has been adopted in the third and final reading! Thanks to everyone who had to do with it! I am sure that the adopted law will bring satisfaction to the 20 million Ummah of Muslims in Russia!" Farrakhov wrote in his telegram channel.
According to him, observing the active success of Islamic financial institutions, one can say without a doubt that the global financial system is favorable for Islamic finance.
"The demand for Islamic finance is very high among non-Muslim investors. This is because the principles of partner financing are based on honesty, ethics, materiality and risk sharing of financiers and clients," the parliamentarian noted and added: "This is only the first step towards full—fledged partner financing, but it is very important!"
Recall that the bill on piloting Islamic banking in Tatarstan, Bashkortostan, Chechnya and Dagestan was submitted to the State Duma in September 2022.
Islamic banking implies conducting banking activities in accordance with Sharia law: in particular, loan interest and various financial speculations are prohibited.
Source: "BUSINESS Online"
According to him, observing the active success of Islamic financial institutions, one can say without a doubt that the global financial system is favorable for Islamic finance.
"The demand for Islamic finance is very high among non-Muslim investors. This is because the principles of partner financing are based on honesty, ethics, materiality and risk sharing of financiers and clients," the parliamentarian noted and added: "This is only the first step towards full—fledged partner financing, but it is very important!"
Recall that the bill on piloting Islamic banking in Tatarstan, Bashkortostan, Chechnya and Dagestan was submitted to the State Duma in September 2022.
Islamic banking implies conducting banking activities in accordance with Sharia law: in particular, loan interest and various financial speculations are prohibited.
Source: "BUSINESS Online"
