State Duma committee supported the bill on Islamic banking

14 December 2022

The State Duma committee for financial markets recommended the lower chamber of parliament to accept the bill in the first reading. It provides for realization of the experiment on establishing experimental legal regime (ELR) of partnership (Islamic) funding in some subjects of the RF. The document was initiated by a group of deputies and senators headed by Chairman of the Committee for financial markets Anatoly Aksakov.

The Republic of Bashkortostan, the Republic of Tatarstan, the Republic of Chechnya and the Republic of Dagestan were chosen as the subjects of the experiment. The territory of the experiment can be expanded by the cabinet upon agreement with the Bank of Russia. The two-year term of the experiment can be extended by the government upon agreement with the Bank of Russia.

The procedure for acquiring the status and conducting activities by ELR participants, the procedure for regulating activities and supervising the activities of ELR participants are established. A credit organization, a non-credit financial organization, a legal entity registered as a consumer society, fund, autonomous non-profit organization, economic society or partnership are entitled to acquire the status of an ELP participant. A legal entity acquires this status when the information about it is added to the register of ELP participants, and loses it when the information is removed from the register maintained by the Central Bank.

There are plans to establish an expert council of an experimental legal regime under the Government of the Russian Federation for preparing proposals for the regulation of partnership funding in the Russian Federation, and based on its proposals there may be amendments to the legislation of the Russian Federation on the regulation of partnership funding.



GSV "Russia - Islamic World"

Photo: moritz320/Pixabay

Based on materials from TASS