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Path Solutions joins CIBAFI, the world renown General Council for Islamic Banks and Financial Institutions


"Kazakhstan Islamic Finance 2016: a new frontier for Islamic finance" country report


Azerbaijan looks to new Islamic bank as sector rules progress


Linar Yakupov received an award for his contribution to the development of Islamic finance industry in Russia


The 2nd International winter school of Islamic law and economics has started in Kazan


Russian financial experts are exploring options to launch Islamic Banking


The final version of the feasibility study on Islamic banking was presented to the Government of the Republic of Tatarstan


Sergey Gorkov is a member of the Advisory Board of IFN CIS & Russia Forum


Recent Comments


Islamic banking will be most relevant to SME sector: Zafar Sareshwala

Interview with director and head of Islamic Corporation for Development's (ICD) India operations.


Islamic Develop Bank calls for new Islamic microfinance structures

As the Shariah-compliant Islamic finance sector booms in the GCC region, the President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, asked experts in the field to develop new Islamic microfinance structures.


Dubai Silicon Oasis Authority and Thomson Reuters Reveal Key Findings of Digital Islamic Economy Report 2015

Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters, with support from the Dubai Islamic Economy Development Centre (DIEDC) released the 'Digital Islamic Economy Report' for 2015, in collaboration with DinarStandard.

Russia drafts a bill on Islamic leasing


A bill eliminating legislative obstacles to the commission of leasing transactions in accordance with Islamic finance was introduced to the State Duma.
Russia drafts a bill on Islamic leasing
The Duma Committee Deputy Chairman on Financial Markets Dmitry Savelyev (LDPR faction) is the author of the initiative, reports «Izvestia». The changes are to be made to the law «On Financial Rent (Leasing)».

The main contradiction of the current financial leasing model (long-term lease of the property with a possibility of the ownership)to the Sharia is in a lease consisting of two transactions at the same time – lease and sale. The Islamic finance does not permit to combine two transactions in one.

The bill allows separating the two transactions in time. So in order to do that, it is suggested to amend the current law and add that the transfer of ownership will be covered in the lease agreement, like in the current model, or in the separate purchase and sale agreement, which then will be Shariah compliant.

Dmitry Savelyev commented that the under the current legislationit is not prohibited toconclude two agreements – lease and sale. However, the current law does not recognize these transactions as a leasing therefore the accelerated depreciation (provided by the Tax Code) will not be applicable to such products. Its application allows reducing the leased property and the income taxes.

The drafted bill also provides the possibility, by an agreement of the parties, to avoid penalties for past due payments.

Currently, the Shariah compliant lease agreements are already being concluded in Russia. «Euroasia Leasing Company» and «Amal Financial House» particularly offer such product, but the privileges mentioned above do not extend to them.

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Malaysia's fast-growing Islamic finance sector benefits not only the Muslim world but also non-Muslim countries, said former Prime Minister Tun Abdullah Ahmad Badawi.

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