Ingushetia was invited to join Islamic banking

Ingushetia may join the experiment to develop Islamic banking in Russia. This was stated by the head of the State Duma Committee on Financial Markets, Anatoly Aksakov.

“At least, Ingushetia itself is asking. Extending the project until 2030 and expanding its geography will allow us to more fully realize the potential of Islamic finance in Russia,” Aksakov noted.

In 2023, Tatarstan, Bashkiria, Dagestan and Chechnya joined this method of conducting banking activities. The project is valid until 2030 with the possibility of extension.

Islamic banking involves compliance with the religious rules of Sharia. It prohibits investing money in alcohol, gambling and certain types of meat. Financial institutions will not be able to set a remuneration expressed in the form of an interest rate when making transactions.

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