The State Duma suggested that Islamic banking will attract foreign investment

Islamic banking will attract $11-14 billion in investments to Russia, especially from Iran and Turkey. This was stated by the head of the State Duma Committee on the financial market Anatoly Aksakov. According to him, the law on Islamic banking can come into force as early as August. Now the final approvals are underway.

Islamic banking is a way of conducting banking activities, which involves the observance of the religious rules of Sharia. It prohibits investing in alcohol, gambling, and certain types of meat.

The pilot period of Islamic banking will begin in Chechnya, Dagestan, Bashkiria and Tatarstan, but may spread to other regions.

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