Diplomat says UN may act as mediator at Astana talks between Damascus and oppositionRussian Politics & Diplomacy January 17, 21:31
Expert believes Brexit to bring UK closer to USWorld January 17, 20:29
Italian Foreign Ministry: It is necessary to assess conditions for returning to G8 formatWorld January 17, 20:04
Russia hopes ECHR will cancel its ruling on Dima Yakovlev Law — diplomatRussian Politics & Diplomacy January 17, 19:35
Preserving Moldova's neutrality impossible without partnership with Russia — presidentWorld January 17, 19:10
OPEC to monitor oil production, export — Saudi Arabian Energy MinisterBusiness & Economy January 17, 18:57
Group of Sukhoi-24M bombers to return from Syria soon — Defense MinistryMilitary & Defense January 17, 18:50
Russian reconciliation center reports over 1,130 Syrian settlements join ceasefireWorld January 17, 18:47
Over 5,000 Syrians get medical aid from Russian doctorsWorld January 17, 18:37
KAZAN, May 20. /TASS/. Russia’s top lender Sberbank plans pilot deals under the rules of Islamic banking in autumn 2016 in the Republic of Tatarstan, First Deputy Chairman of the Executive Board Maxim Poletaev said Friday.
"We have to make a commitment to executive several pilot transactions in autumn," Poletaev said.
Islamic banking refers to a system of banking or banking activity that is consistent with the principles of the Sharia (Islamic rulings) and is alternative to traditional banking. Sharia prohibits acceptance of specific interest or fees for loans of money (known as usury). For this reason Islamic banks raise their incomes directly from profits of business projects they finance. When attracting money from individuals Islamic banks don’t pay income on deposits to their clients expect for inflation rate, which is set by the state.
In early 2016, a working group on Islamic banking under Russia’s Central Bank approved a 'roadmap' for the introduction of this mechanism in Russia. Currently, the group is involved in discussions on legislative amendments needed for transactions under Islamic banking rules. According to Poletaev, pilot deals may be executed within the limits of the active legislation.
First Deputy Chairman also said that Sberbank will set up an expert group for exploring the potential of the Islamic banking. "We’re planning to seriously delve into this area as it is important for the country for diversification of sources of funding," he added.