Ingushetia is implementing a pilot project to introduce Islamic banking

Ingushetia is included in a pilot project to introduce Islamic banking. This was reported by the press service of the head and government of the region.

According to the head of Ingushetia, Mahmud-Ali Kalimatov, Ingushetia has the lowest percentage of lending to the population - in 2022, the increase in debt per inhabitant amounted to less than 10 thousand rubles. “And one of the reasons for this situation is bank interest rates on loans and a number of other banking services prohibited in Islam. Therefore, I believe that the parallel use of the Islamic banking model by banks will significantly change the current situation in the region, where the main population professes the Muslim religion,” he said.

The press service of the head of the region noted that the regional authorities have done some work at the level of the State Duma and the government of the Russian Federation in order to be among the subjects where the first approbation of the model of the Islamic banking system will take place.

“Over the past two years, there has been a slowdown in investment activity in Ingushetia, which is associated not only with the economic consequences of the COVID-19 coronavirus imposed by anti-Russian sanctions, but also with the lack of a developed banking sector in the republic. At the request of the head of the republic, an initiative was made to include in the draft law “On conducting an experiment to establish a special tax regime “Taxation of partner financing operations” in Ingushetia,” said State Duma deputy from Ingushetia Muslim Tatriev.

Earlier, the Central Bank announced that, as part of measures to develop the Russian financial market, it would launch in 2023 a new banking project based on Sharia principles in Chechnya and Dagestan.

Islamic (partner) banking - banking operations in accordance with the principles of Shariah. It prohibits taking interest on loans (usury) and investing in businesses that provide goods or services that are contrary to the principles of Islam.

As RBC Kavkaz reported, in 2021 it became known that Sberbank would consider the possibility of conducting a "pilot" for the sale of partner banking products in Chechnya. The practice of using new financial instruments with positive results and the presence of customer demand can be scaled to the entire North Caucasus Federal District.

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