Russia is making towards Islamic banking

December 8, 2015

Government of the Republic of Tatarstan received the final version of the feasibility study for the establishment of an Islamic bank or windows of Islamic banking in the Russian-dominated Islamic republic.

It was on Monday, December 7 / December delivery document, which is the basis for the launch of a pilot project in the field of Islamic banking in Russia, to the Prime Minister of the Russian republic of Tatarstan Eldar Khalikov in Kazan, capital of the Republic, which is one of the largest Russian cities.

These include document, which continued to work on the preparation of about 9 months, the basic principles of the work of Islamic economics, and models of implementation of Islamic banking and insurance in the various countries of the world, and to explore the interest of the region in Islamic banking products, as well as how to use the Islamic financial industry mechanisms under the current laws Prevailing.

Participated in this study, the Malaysian University "Unirazak", and the Malaysian Institute of Islamic Banking and Financial Studies "IBFIM", and fund business development and Islamic finance Russian "IBFIM".

The study authors believe that the Republic of Tatarstan, with a population of about four million people, is the ideal platform for the establishment of the so-called "Islamic window".

The Russian Islamic banking sector in case arises to move the heads of Islamic funds frozen in Russia, which refuses to interest-based banking transactions, in addition to attracting Islamic investments from abroad into the country.

It is noteworthy here that the Islamic banking sector in Russia is still in its infancy, but an estimated 20 million Muslims living in this country makes the Islamic banking sector in Russia enjoys promising prospects and prosperous future.