In the coming years, the scope of Islamic banking in Russia may increase significantly. Iskander Iskhakov, the Head of the Islamic banking department at Ak Bars Bank, has announced in an interview for TASS.
According to him, the main obstacle to the development of Islamic banking, is the lack of adapted legislation.
“Now we are cooperating with the Ministry of Finance on the issue of optimizing the taxation of Islamic financing transactions. It is difficult to predict their actions, but if they give us a green color, then in the perspective of three years, the scope of Islamic banking can increase tenfold”, he mentioned.
Basically, in Russia, according to Iskhakov, Islamic banking products can be very popular.
“Of course, the volume will be incomparable with the volumes of the traditional banking sector - 1-2%. But such a niche product has the right to exist”, the expert emphasized.
GSV "Russia - Islamic world"