The State Duma is developing a draft law for the introduction of Islamic banking in Russia – Information Portal of the Banki.ru

The State Duma is developing legislative amendments that remove barriers to the introduction of Islamic banking in Russia. In particular, it is necessary to cancel the ban on trading activities for banks: Islam prohibits the provision of money in interest-bearing debt, in this regard, Islamic banks do not lend to the customer, and sell it directly to the desired goods in installments, write “News».

The changes are planned primarily to the law “On Banks and Banking Activity”, where a list of operations and transactions that are entitled to carry out the banks. The law prohibits banks from engaging in the production and trading activities except for the cases when it is necessary for their own needs, for example, authorized the sale of property sold in foreclosure on the collateral, and so on. N. This eliminates the work of classical Islamic banks, which conclude with the client agreement on cooperation and become partners for some types of transactions.

For example, the bank provides funding for the development of its business, and she gives him the agreed part of the profits within a specified period. In this case, the bank’s profit is not fixed, as in the classic banking. In the retail lending operations is replaced by buying and selling: the bank sells the citizen the right product in installments, but at a price that is slightly higher than the market. Deposits in an Islamic bank also does not exist. Instead, the client is invited to give their money to the bank to manage and share the income from the investment.

 Earlier, the State Duma did not submit bills on Islamic banking. According to various estimates, the global volume of assets of Islamic banking is 1-2 trillion rubles, said deputy chairman of the Duma Committee on Financial Markets Dmitry Savelyev, who is developing the amendments. Islamic banks have opened in more than 40 countries.
 

 “In Russia traditionally have shown interest in Islamic banking in Tatarstan, with the active assistance of colleagues from Malaysia. So the prospects are quite real, “- said the deputy.
 

 In August 2014 the Association of Russian Banks sent a letter to the Central Bank, describing the need to amend the legislation to Russia could work in Islamic banks. Central Bank is currently exploring the possibility of such changes and, as reported by “News” deputy chairman of the Bank of Russia Alexander Torshin, optimistic about the idea.

«The arrival of Russian Islamic banks can benefit from our banking system, because the bank following religious principles naturally increases its credibility on the part of the faithful. In Russia, more than 20 million Muslims, and is a significant factor in the development of the banking system in this direction – said Torshin. – Generally, in international financial centers such as Frankfurt or London, there is Islamic banking, and Russia did not abandon the idea to create in Moscow an international financial center, and for us the arrival of Islamic banks would be quite logical. Therefore, we the idea of ​​Islamic banking does not reject, as long as it was for the benefit, under the law, contributed to the development of the banking system, increase confidence in the banks. ”