The ministry of finance proposes to create a council as part of the government of the Russian Federation, which would consider issues of regulation within the framework of the experimental legal regime on partnership (Islamic) finances. Ivan Chebeskov, Director of the Financial Policy Department of the Russian Finance Ministry, said this during a discussion on partnership finance at the International Banking Forum "Banks of Russia - XXI Century."
"At the initial stages, we propose a council under the Russian government, which in consultation with the Central Bank will consider various measures to improve regulation, consider the results of regulation and so on," he said, specifying that such a council would facilitate feedback within the framework of the experiment on partnership finance.
At the same time Chebeskov admitted that following the experiment it would be possible to create a self-regulatory organization (SRO), which will deal with partnership finance. According to him, such proposals have already been made.
Earlier Anatoly Aksakov, Head of the State Duma Committee on Financial Market, said that the draft law on the piloting of Islamic banking in several regions of Russia was submitted to the Duma. According to Aksakov, Dagestan, Chechnya, as well as Bashkiria and Tatarstan will participate in the pilot project of implementation of Islamic banking.
Islamic banking implies the conduct of banking activities in accordance with Islamic norms. In particular, loan interests and different financial speculations are forbidden. Islamic banks don't give classical interest loans and use other forms (installment loans, leasing, share financing).
GSV "Russia - Islamic world"
Photo: Ministry of Finance of the Russian Federation
Based on materials from TASS