Russian banks have started lending in accordance with Islamic law

Al Anbat - Haya Alsaber

Under the above heading, Olga Samovalova wrote, in vzglyad newspaper about the start of the test of Islamic banking in Russia.

According to the article: From September 1, the experience of introducing Islamic banking services in Russia begins. In two years’, the new banking services under Islamic law will be tested in four regions: Bashkiriya, Dagestan, Tataristan and Chechnya. The law on conducting these tests was signed in early August by Vladimir Putin.

The largest number of Islamic banks are located in the Middle East, in Gulf States and Malaysia. From these areas, it will be possible to attract foreign investment. In addition, Islamic banking can help increase the number of projects in Russia by funding partners for companies and individuals. In addition to co-investment, the borrower will receive a permanent audit of its activities, says Vladimir Chernoff, an analyst at Freedom Finance Global.

According to market analysis, there are at least 7.5 million potential Islamic finance customers, and more than half (4.7 million people) are de facto Sberbank customers. "The remaining 2.8 million people are potential new customers," Oleg Ganev, Sberbank's senior vice president, said in an interview with Kommersant, Also Islamic banking can be used not only by Muslims, but also by representatives of all religions. At least, this issue is included separately in the law. Another question is whether banks will agree to work in accordance with Islamic law with anyone who wishes.

In this regard, Alexander Bakhtien, investment strategist at BCS Mir Investments, said: "We believe that there are prospects for Islamic banking in Russia, given the large proportion of Muslims and, in general, the growing interest in investments in the country. However, Islamic banking is unlikely to proliferate actively outside areas where Islam is mostly practiced. "