Finance Ministry backs a bill on Islamic banking

23 November 2022

Russia's Finance Ministry supports the bill on Islamic banking, a government review is planned to be prepared in the near future, Russian Deputy Finance Minister Alexei Moiseyev told reporters.

"We support [it]. <...> There is feedback from three agencies, we are now bringing them together, I hope that in the near future the feedback will be submitted (to the State Duma - TASS)," Moiseyev said.

The draft law on piloting Islamic banking in several regions of Russia was submitted to the Duma in September this year. Earlier it was reported that Dagestan, Chechnya, as well as Bashkortostan and Tatarstan will participate in the pilot project to implement 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 do not give classical interest loans and use other forms (installment loans, leasing, share financing).



GSV "Russia - Islamic World"

Photo: Josh Appel\Unsplash

Based on materials from TASS