Russian Central Bank Deputy Governor Vladimir Chistyukhin said 14 companies from Dagestan, Chechnya, Bashkiria and Tatarstan are planning to participate in the Islamic banking experiment. In this respect Wrote TASS.
“… 14 companies announced their plans to participate in the experiment, of which 12 are non-financial institutions – that is, they are not under the regulation and supervision of the Bank of Russia. Organizations that announced their plans to participate in the experiment are quite evenly distributed in the regions – 3-4 organizations each, ”said Chistyukhin.
The bill on conducting an experiment on the introduction of Islamic banking in the four aforementioned regions of Russia was passed by the State Duma at the first reading in December 2022. The bill provides an experiment on the implementation of co-financing in Islamic republics.
On 12 March 2023, President of Tatarstan Rustam Minnikhanov met with the Secretary General of the Organization of Islamic Cooperation (OIC) Huseyin Ibrahim Taha. declarationTatarstan becomes an example of Russia debugging practical mechanisms for interaction with Islamic business. As the president of the republic stated, the region is especially developing the tourism industry, which is allowed in Islam, product area that Muslims are allowed to consume, and halal medicine.