Chechnya and Dagestan still do not participate in Islamic banking

The first bank that the Central Bank included in the register of participants in the experiment on the introduction of Islamic banking was Ak Bars (Tatarstan). The law came into force on September 1 in the territories of Bashkortostan, Tatarstan, Chechnya and Dagestan.

Ingushetia wanted to participate in the experiment, but was not included in it. Chechnya and Dagestan have not yet contacted the Central Bank with their financial structures (institutions and banks).

Within the framework of the law, “Islamic mortgage” using maternity capital should be introduced. Also, in accordance with Islamic norms, banks cannot charge interest in the form of loan interest, but share the income and risks from the implementation of such projects with investors and clients.

In addition, financing of certain sectors of the economy (alcohol and tobacco products, weapons, ammunition, pork production), etc. is prohibited.

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