The Bank of Russia conducted a study whose results revealed that Islamic banking is very interesting for both citizens and companies.
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Ekaterina Lozgacheva, head of the department of strategic development of the financial market of the Central Bank of the Russian Federation, spoke about this at the forum “Russia – the Islamic world: KazanForum”. Details are provided by RIA Novosti.
The regulator’s employees analyzed data for the year 2023 and came to the conclusion that the transaction portfolio of raised and placed funds amounts to approximately 1.8 billion rubles.
Lozgacheva noted that 17 organizations completed the survey, 13 of them were included in the register of participants in the Islamic banking experiment conducted by the Bank of Russia. Currently there are 23 organizations in it. Work is being carried out in Dagestan, Chechnya, Bashkiria and Tatarstan.
Banking activities within the project are carried out in accordance with Islamic standards. Loan interest is not used, financial speculation is unacceptable. Classic loans with interest cannot be obtained in Islamic banks.
We previously wrote that Tinkoff Bank has developed a bank card that operates in accordance with Sharia standards.
Author:
Nikolai Tikhonov
Source: RB
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