As reported in the lower chamber of parliament, the draft law that removes barriers for implementing Islamic banking in Russia is submitted in the State Duma.
If the document is accepted, the appropriate amendments will be made in the federal law on «Banks and banking activity». Author of the draft law is Dmitry Savelyev – the Deputy Chairman of the Duma Committee on Financial markets.
The explanatory note to the draft law mentions that attracting Islamic investments is an extremely effective tool in conditions of difficult economic situation. It is stated that within economic development strategy of Russia giving a chance to Islamic finance means to attract a large number of additional investment, in conditions of crisis economy to help Russia develop a new economy based not on raw materials’ money.
Last year in August the Association of Russian Banks has described in the letter to the Central Bank the need for amendments in the legislation to give an opportunity for Islamic Banks in Russia. In the beginning of March 2015 it was announced that the State Duma is preparing the amendments.
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