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Central Bank ready for dialog on Islamic banking — deputy chairman Torshin

March 18, 2015, 17:50 UTC+3 MOSCOW
The Islamic banking is based on sharia laws and excludes, for example, the traditional interest lending
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Deputy chairman of the Bank of Russia Alexander Torshin

Deputy chairman of the Bank of Russia Alexander Torshin

© ITAR-TASS/Gennady Khamelyanin

MOSCOW, March 18. /TASS/. The Central Bank does not "directly reject’ an idea of the Islamic banking development in Russia, the deputy chairman of the Bank of Russia Alexander Torshin said on Wednesday in the State Duma.

"I notice interesting points of view awaiting the position of the Bank of Russia. There is no direct rejection of this idea. We are comfortable with the development of the banking system," Torshin said. The issue of Islamic finance in Russia "should be worked out deeper," he added.

The largest global financial centers, including London and Frankfurt, have strong centers of the Islamic banking, Torshin said.

The regulator is ready to take part in the dialog on this issue. "We will review initiatives and take part in the discussion," the deputy chairman of the Central Bank said.

The Islamic banking is based on sharia laws and excludes, for example, the traditional interest lending.

TASS reported earlier a draft law suggesting establishment of the legal basis for Islamic banking development in Russia was brought into the State Duma on March 17.

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