A growing number of non-Muslim citizens in Russia are turning to Islamic banking and partnership-based financing, viewing it as a fairer and more ethical financial model, according to Anatoly Kozlachkov, President of the Association of Banks of Russia. He shared this insight during an interview with TASS at the Russia–Islamic World Forum in Kazan.
"It came as a real discovery for us that Islamic banking and partnership finance are attracting interest not only from Muslims. It turned out that this model is acceptable to many people who, for various reasons, are dissatisfied with the financial system offered by conventional institutions. A huge number of non-Muslims are using these products. They find them interesting and perceive them as more fair," he said.
"This is because Islamic banking is declared as a more just financial model," Kozlachkov noted.
"Different scholars and practitioners may have different views, so to speak. But even just declaring justice as the main principle is already a crucial component that influences the minds of both entrepreneurs and consumers."
GSV "Russia - Islamic World"
Photo: DC Studio/Freepik
Based on materials from TASS