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