Authorities push for Islamic banking law

The State Duma Committee on Financial Markets recommended the adoption in the second reading of a bill on the introduction in a number of regions of an experimental legal regime for partner (Islamic) financing. It is planned that the issue will be considered on July 18.

Bashkortostan, Tatarstan, Chechnya and Dagestan were identified as subjects for the implementation of the experiment. The territory can be expanded by the government in agreement with the Bank of Russia.

Islamic banking is a way of conducting banking activities, which involves the observance of the religious rules of Sharia. It prohibits investing in alcohol, gambling, and certain types of meat.