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Russia will conduct an experiment on Islamic banking

8 августа 2023

On 1 September 2023, the pilot project of Islamic banking will begin. It will last 2 years, and Dagestan, Chechnya, Bashkiria and Tatarstan will participate in it.

Islamic banking means the implementation of banking activities in accordance with the norms of Islam, that is, it is prohibited:

  • Payment of interest and interest-bearing transactions derived from it;
  • Transactions with conditions of uncertainty;
  • Financing of certain sectors of the economy - gambling, pork production, alcohol and tobacco.

Banks make a profit from investments.

The following can participate in the experiment (they are included in the register of participants in the experiment):

- credit and non-credit financial institutions;

- consumer cooperatives;

- public benefit funds;

- autonomous non-profit organizations;

- business companies;

- partnerships.

See Federal Law No. 417-FZ of 4 August 2023 “On Conducting an Experiment to Establish Special Regulation to Create the Necessary Conditions for Partner Financing Activities in Certain Subjects of the Russian Federation and on Amendments to Certain Legislative Acts of the Russian Federation”.

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