The Russian Finance Ministry is proposing to extend the term of the Islamic finance experiment for another two years, Deputy Finance Minister Ivan Chebeskov told Interfax.

The Ministry of Finance has proposed extending the Islamic banking pilot until 2027
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He said there were now various opinions on how best to do this. But most likely a consensus had been reached that working until 2025 would not be enough to achieve full regulation. That is why the deadline was proposed to be extended.

“We would offer another two years,” Chebeskov said.

We would like to remind you that the experiment on the introduction of Islamic banking has been running since autumn 2023 in Dagestan, Chechnya, Bashkiria and Tatarstan. Its participants can be legal entities registered in the Central Bank’s register.

Participants in the experiment, when making transactions, cannot set a remuneration in the form of an interest rate, finance activities related to the production of tobacco and alcohol, weapons, ammunition, trade in such goods, as well as gambling.

We previously reported that a certified Islamic neobank HalalCard has appeared in Russia.


Nikolai Tikhonov

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.


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