Elvira Nabiullina, the chairman of Central Bank of Russia, had stated about that in the Federation Council.
Elvira Nabiullina, the chairman of Central Bank of Russia, had stated about that in the Federation Council.
“Regarding to Islamic banking, special regulation were required by representatives of banks. We are dealing with this issue” - she mentioned.
Previously, Association of Russian Banks (ARB) offered to make a different license for Islamic banking. Russian banks note the rising demand for Islamic financial tools.
Islamic banking is alternative to conventional banking system and it represents entrepreneurship which functions on a base of Islamic economic fundamentals. The main feature of the products designed according to requests of Muslims is avoidance of elements which is forbidden by Islam and rules and regulations of Muslim’s life – Shariah.
It refers to interest rate and usury (riba), undue risks (garar) and uncertainty (maisir) prohibition. Also, according to Shariah following activities are prohibited: investment and gaining of income from producing and marketing of pork, alcohol, weapons and “sordid feelings” industry – prostitution, pornography and gambling.
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