Islamic finance bill put before Duma

Muslims in Russia

There are over 15m Muslims in Russia

Islamic finance bill: A bill intended pave the way for the introduction of Islamic banking practices into Russia was yesterday put before the Duma by the Deputy Chairman of its Committee on Financial Markets Dmitry Savelyev. In his preface to the bill he explained that, in the context of the “almost complete economic blockade by the EU and the US”, Russia should looking for new sources of investment and that Islamic banking could be “an effective instrument in such a situation.” Its introduction would, he added “create a new economy based not on raw money” and “bring the money of millions of Russians into the financial system of the country.” Russia is home to between 15 and 20 million Muslims. 

Source: ABN