Principles of Islamic banking to be introduced in region on July 1

The pilot regions are Chechnya, Dagestan, Bashkiria and Tatarstan. As to Anatoly Aksakov, the head of the State Duma Committee on Financial Market, the principles of Islamic banking may be introduced in Russian regions on July 1 if the relevant bill is adopted soon.

"We expect and are working closely on this, that during May - June we will work everything out, the last version [of the bill] is now available. Accordingly, the bill will be adopted in the second and third readings, so that it come to force by July 1" Aksakov said during the St. Petersburg International Legal Forum.

As to the parliamentarian there is a proposal to increase the capital requirement to participants of the pilot regime from 10 million to 25 million rubles starting from January 1, 2024, but the State Duma considers it reasonable to increase it up to 15 million rubles. It is planned that this will be a pilot project which will last for two years.

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