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Russian lawmakers adopt bill on Islamic banking

The two-year period of the experiment is set from September 1, 2023, to September 1, 2025, which may be extended by the government in agreement with the Bank of Russia

MOSCOW, July 19. /TASS/. The Russian State Duma (the lower house of parliament) adopted in the third and final reading a bill on an experimental legal regime for partner (Islamic) financing on the territory of individual Russian regions.

The document was initiated by a group of deputies and senators led by Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov.

The experiment will take place in Russia’s republics of Bashkortostan, Tatarstan, Chechnya, and Dagestan. The territory of the experiment may be expanded by the government in agreement with the Bank of Russia.

The two-year period of the experiment is set from September 1, 2023, to September 1, 2025, which may be extended by the government in agreement with the Bank of Russia.

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