15.07.2025, 14:27
The State Duma has extended the experiment on Islamic banking
Source: OREANDA-NEWS
OREANDA-NEWS The State Duma adopted in the second and third readings a law extending the partnership financing (Islamic banking) experiment in Russia for three years until September 1, 2028.
According to current legislation, this experiment is being conducted from September 1, 2023 to September 1, 2025 in Bashkiria, Dagestan, Tatarstan and Chechnya. The law extends this period until September 1, 2028, while simultaneously improving the mechanisms for conducting the experiment.
The development of partner financing in Russia will help expand international economic cooperation and attract additional investments from Islamic states, said Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market.
The law provides for the development of standards for Islamic banking. This will be handled by a special standards committee created by the association of the largest credit institutions participating in the experiment. We are talking about individuals included in the register of participants in the experiment as of September 1, 2025, with the highest total asset value according to accounting (financial) statements for 2024.
These standards are not subject to state registration, but must be coordinated with the Bank of Russia in terms of its competence. These standards may provide additional requirements for the participants in the experiment and their activities.
The law also supplements the list of operations and transactions allowed to participants in the experiment. It includes: mutual insurance by mutual insurance companies of the property interests of their members; opening and maintaining accounts of individuals and legal entities by banks licensed by the Central Bank, as well as money transfers to these accounts on their behalf; securities management.
The grounds for refusing to include an organization in the register of participants in the experiment are also expanding. These will include, in particular, non-compliance with the instructions of the Central Bank on the elimination of identified violations and the existence of grounds for the implementation of measures to prevent bankruptcy. In addition, the requirements for advertising the activities of the participants in the experiment are being clarified.
The law must enter into force from the date of its official publication.
According to current legislation, this experiment is being conducted from September 1, 2023 to September 1, 2025 in Bashkiria, Dagestan, Tatarstan and Chechnya. The law extends this period until September 1, 2028, while simultaneously improving the mechanisms for conducting the experiment.
The development of partner financing in Russia will help expand international economic cooperation and attract additional investments from Islamic states, said Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market.
The law provides for the development of standards for Islamic banking. This will be handled by a special standards committee created by the association of the largest credit institutions participating in the experiment. We are talking about individuals included in the register of participants in the experiment as of September 1, 2025, with the highest total asset value according to accounting (financial) statements for 2024.
These standards are not subject to state registration, but must be coordinated with the Bank of Russia in terms of its competence. These standards may provide additional requirements for the participants in the experiment and their activities.
The law also supplements the list of operations and transactions allowed to participants in the experiment. It includes: mutual insurance by mutual insurance companies of the property interests of their members; opening and maintaining accounts of individuals and legal entities by banks licensed by the Central Bank, as well as money transfers to these accounts on their behalf; securities management.
The grounds for refusing to include an organization in the register of participants in the experiment are also expanding. These will include, in particular, non-compliance with the instructions of the Central Bank on the elimination of identified violations and the existence of grounds for the implementation of measures to prevent bankruptcy. In addition, the requirements for advertising the activities of the participants in the experiment are being clarified.
The law must enter into force from the date of its official publication.
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