OREANDA-NEWS  The authorities intend to extend the experiment on the introduction of Islamic banking in Russia. This was stated by Anatoly Aksakov, head of the State Duma Committee on the Financial Market, as quoted by RIA Novosti.

The experiment on the introduction of Islamic banking started in the country on September 1, 2023. At the first stage, it affected a total of four regions — Dagestan, Chechnya, Bashkiria and Tatarstan. According to the current plan, it should be completed in the fall of next year. However, against the background of the noticeable interest of citizens in this type of financing, Aksakov noted, the authorities want to extend the experiment. "Probably for five years," the head of the Duma committee summed up.

Aksakov stressed that the demand for Islamic banking in Russia has increased not only among Muslims. Representatives of other faiths are also interested in such a system. Against this background, the State Duma is considering changing the pilot status of the experiment to a permanent one. In addition, the parliamentarians are discussing the possibility of expanding the geography of the experiment. According to Aksakov, Chuvashia and Ingushetia should be the first in line.

At the first stage, special partner financing organizations (OPFS) were assigned to deal with Islamic banking. The Central Bank undertook to regulate their activities. According to the basic provisions of this system, such non-credit organizations will not be able to receive a percentage fee when making transactions and refuse to provide services to clients based on social, racial, national, linguistic or religious affiliation.

Even before the experiment began, in December 2022, the Council of Ulama of the Spiritual Administration of Muslims of Russia allowed Muslims to buy and sell shares of various companies subject to three conditions. First, the activities of firms with whose securities transactions are planned should be permitted by Sharia law. Secondly, such companies should not be involved in gambling, alcohol or pork trading. Third, they should not resort to usurious loans from traditional banks.