The State Duma allowed the appearance of the standard of Islamic banking within a month

Partner financing tools (Islamic banking) will become a real alternative for citizens who, for religious or ethical reasons, avoid traditional banking products. Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market, told Izvestia on May 17. He said that the first standard of Islamic banking may appear in Russia within a month.

"Partner financing is able to attract investors who profess not only Islam, but also Orthodoxy. After all, for many Orthodox it is also important that their funds go to a useful cause and are not associated with interest payments and the exploitation of such human weaknesses as gambling or alcohol," the parliamentarian admitted.

He also noted the potential for attracting capital from Muslim countries. Aksakov called the introduction of international standards and the digitalization of instruments, including the use of digital financial assets, as key incentives for the influx of investments.

The head of the Duma committee expressed confidence that after the development of industry regulation, the process will go "on track."

"The current time frame of the pilot may limit the planning horizon of investors who are focused on long-term investments. Therefore, I advocate for the fastest scaling of partner finances," he concluded.

Read more in the Izvestia article:

Islamic banking in Russia: help for millions of Muslims or a niche tool for investors