OREANDA-NEWS  Against the background of the spread of the Islamic banking system in Russia, it is necessary to create its Orthodox counterpart, said Mikhail Ivanov, deputy of the Bryansk Regional Duma, chairman of the all-Russian public movement Orthodox Russia. He stated this in an interview with the "Paragraph".

Within the framework of Orthodox banking, alternative financial instruments can be offered that correspond to Christian ethics, the parliamentarian believes. In particular, we are talking about mechanisms in which financing is carried out not at a percentage, but through participation in the profits of enterprises.

Also, such organizations "could introduce ethical banking principles that exclude investments in alcohol, tobacco, and gambling," which "is not only a matter of religion, but also of business social responsibility," and is close to many Russians, the author of the initiative concluded.

Earlier in July, the Russian parliament supported a three-year extension of the Islamic banking experiment launched in 2023 in Bashkiria, Dagestan, Tatarstan and Chechnya. The main difference between this system is the lack of interest-bearing loans. Instead, installments, leasing, and equity financing are used. In addition, the participants of the experiment can carry out transactions (transactions) of mutual insurance of the property interests of members of mutual insurance companies, open and maintain bank accounts of individuals and legal entities, as well as, having instructions, transfer money on them.