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Russia’s Islamic financial market may reach $10.77 bln

Economic departments are currently evaluating the interim results of the experiment on the introduction of Islamic financial practices in four Russian regions and are preparing proposals for the development of this segment in the coming years

MOSCOW, September 19. /TASS/. The volume of the Russian Islamic financial market may grow to 1 trillion rubles ($10.77 bln). The experiment of introducing Islamic banking in the regions will be extended and will become a part of the financial market development strategy until 2030, according to Deputy Finance Minister Ivan Chebeskov.

"We see that the potential volume of this market in Russia in the next few years may reach 1 trillion rubles. <...> I believe, we no longer have a question about the end of this experiment, we are talking about its expansion in order to eventually reach a general regulation," Chebeskov said.

Economic departments are currently evaluating the interim results of the experiment on the introduction of Islamic financial practices in four Russian regions and are preparing proposals for the development of this segment in the coming years. "We will not carry out any separate projects, in our opinion there is no need for this. We will implement these principles in the strategy for the development of the Russian financial market until 2030," the deputy finance minister added.

Currently, 23 organizations operating under the principles of Islamic finance are included in the register of the Bank of Russia. At the same time, in recent months, more than 15 new companies have registered, and in total there are more than 50 organizations that can be included in the register in the regions participating in the experiment. This shows that "business has started to believe in the success of such an experiment and is beginning to connect to this model," Chebeskov noted.

The Deputy Minister also said that active work is underway to highlight the principles of Islamic banking and partnership financing. "It is very important to note that the potential volume of this market is in no way limited by the religion. On the contrary, we have seen from the experience that partnership financing can be a kind of quality mark, especially for those who value the ethical component in the financial market," he said.

The two-year experiment to introduce Islamic banking began on September 1, 2023, in Russia’s Dagestan, Chechnya, Bashkiria, and Tatarstan. Its principles prohibit charging interest, conducting forward transactions, and financing production of alcohol and tobacco. The partnership financing mechanism adopted in Islamic banking implies that banks and investors invest in projects on a joint basis, sharing profits and risks with their initiators.

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