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В России прошла первая межрегиональная сделка по нормам шариата
The Vedomosti newspaper reported this regarding the participants.
Shariah prohibits the transfer of funds with interest. Therefore, Muslims cannot avail of standard deposits, deposits or loans that offer compensation in the form of fixed or floating interest.
Mudaraba is a type of partnership in which investors transfer capital to a manager who can only send money to financial instruments permitted by Islam. Instead of the usual interest, investors receive a percentage of the profits. This is calculated using a formula that takes into account the borrower's performance.
The organizer was the Islamic banking project "As Salam" of the city of Tatarstan, and the investor was the foundation named after him. Sheikh Zayed supports entrepreneurship and innovation in Chechnya, and the recipient of the funds is the Tatarstan financial company "Amal", which invests funds of individuals and legal entities in accordance with Sharia standards.
The Central Bank of Russia conducted an experiment to test Islamic banking from September 1 to September 1 last year. In order to officially provide services in accordance with the principles of Sharia, they must be registered in the Central Bank's registry. Currently, it consists of 25 participants, including Sberbank and Ak Bars Bank. The experiment includes Dagestan, Chechnya, Bashkiria and Tatarstan, but there are plans to expand the region of participants and the timing of the experiment.
Deputy Minister of Finance of the Russian Federation Ivan Chebeskov believes that the size of the Islamic banking market in Russia could reach 1 trillion rubles in the next few years.