Russian Interior Ministry to control 13 more new psychotropics, drug-containing plantSociety & Culture July 24, 2:54
MAKS-2017 airshow yields contracts to over $6bln - Russian ministry of industry and tradeBusiness & Economy July 23, 23:48
Russian consumer rights watchdog chief names cities with highest HIV ratesSociety & Culture July 23, 21:41
Serbian filmmaker Kustirica says Crimea’s reunification with Russia is natural processSociety & Culture July 23, 21:40
Israeli embassy in Amman attacked by terrorists, some people wounded - TVWorld July 23, 21:35
Boxing Day on Red Square sets new Guinness recordSport July 23, 8:33
Joseph Dunford says Russia most military capable country of those posing threat to USWorld July 23, 4:57
Russia’s US envoy Kislyak steps down, his deputy to act as Charg d'Affaires ad interimRussian Politics & Diplomacy July 23, 1:33
Putin greets KamAZ-Master team - winner of Silk Way RallySport July 22, 15:20
KAZAN, May 20. /TASS/. Russia’s VEB development bank plans to announce its first deals with the Islamic Development Bank (IDB) in the nearest future, Chairman Sergey Gorkov said Friday.
"We assume that we can enter into first deals with the Islamic Development Bank in the nearest future," he said, adding that the bank may announce particular transactions in the autumn this year.
The Islamic Development Bank is an international financial institution of Muslim countries (56 member-states) headquartered in Jeddah, Saudi Arabia.
Meanwhile, Russia’s Federation Council deputy speaker Yevgeny Bushmin said on Friday that the Central Bank and the Russian legislation are not prepared for promotion of Islamic banking in the country.
"There are several opposite viewpoints regarding the question whether the financial legislation is prepared to promotion of partnership finances and Islamic banking in the Russian economy. We stick to the view that neither the Central Bank nor the legislation are prepared to this, and certain measures should be assumed," Bushmin 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.