In the North Caucasus, Islamic banking is planned to be launched from the summer season

The start of the Islamic banking experiment in Dagestan, Chechnya and other regions was postponed to the summer. This was announced at the St. Petersburg International Legal Forum.

This project will take approximately two years to complete. According to the bill, in Chechnya, Dagestan, Bashkortostan and Tatarstan, they plan to introduce an experimental regime for the implementation of partner financing. The State Duma adopted the document in the first reading in December last year.

Islamic banking contains a number of restrictions. For example, a ban on the payment of interest (riba) and transactions with conditions of uncertainty (gharar), as well as a ban on financing certain sectors of the economy (gambling, pork production, alcoholic beverages).

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