In the republics of the Russian Federation with the traditional predominance of Islam, “Islamic banking” will be allowed
A two-year experiment to introduce partnership financing, or Islamic banking, will be carried out in four Russian regions: Dagestan, Chechnya, Bashkortostan and Tatarstan.
The State Duma adopted the corresponding bill in the first reading, a PolitNavigator correspondent reports.
“These regions have been working in this direction for a long time and will be able to implement federal legislation into their practice faster,” said deputy Anatoly Aksakov, who presented the bill.
The experiment will last for two years. If it is successful, the government will be able to extend it. It is quite possible that the Cabinet of Ministers will decide to expand the list of regions.
The essence of Islamic banking is to attract funds from citizens and partners without interest. Participants invest in various projects and production enterprises. And the profit is distributed between the management company and those who allocated their funds.
According to the bill, participants in the experiment will be banks, microfinance organizations, pawnshops, credit and economic cooperatives. The Bank of Russia will maintain their register and monitor the extent to which their activities comply with the requirements of the document.
Only economist Mikhail Delyagin voted against Islamic banking. He believes that this is “a law against financial discrimination on religious and territorial grounds.”
“It turns all other citizens of the Russian Federation from the wrong regions or the wrong religion into second-class citizens, deprived of the opportunity to finance projects. Although living according to Sharia, in my opinion, is indeed better than living according to current Russian laws: thieves have their hands cut off instead of being promoted, the courts instill fear in scammers and are not considered by them as their tools, women have real rights (in Iran) and so on .
So soon we will see American banking in Chukotka, Korean in Sakhalin, Japanese in the Kuril Islands, Chinese in Transbaikalia, Turkish in Crimea and German in Kaliningrad,” Delyagin later wrote in his TG channel.
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