As one of its countermeasures to break the stranglehold of Western sanctions, Russia mulls allowing Sharia-compliant financial products to attract Muslim investors
Russia is drafting a new law to regulate Islamic banking in the country, a growing sector that could help state-run banks hit by Western sanctions to attract investors from Muslim-majority countries as well as cater to domestic customers.that the non-credit banking institutions would operate as financing partnership organisations and offer Sharia-compliant financial products to their customers.
Islamic banks operate under religious and ethical guidelines and ban interest payments and monetary speculations. The global Islamic banking sector is growing at 14 percent annually and is estimated to be worthA trillion dollar sector According to the bill, Islamic laws prohibit lending money at interest, so banks and any other credit institutions with their standard products cannot provide this service.
"In the new situation characterised by cutting ties with Western financial markets, the need of Russian citizens, the companies of the real economy, and financial institutions in the tools of financing partnership is growing," the authors of the bill say.
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