Ufa, December 8, 2020

Introducing a “halal mortgage” in Russia (i.e. the difference between the cost of goods and the price of its sale is imposed on the loan) was discussed within the framework of the international business week in Ufa, the press office of the State Committee of Bashkiria on Foreign Economic Relations reports.

“Halal mortgages and Islamic banks are in demand in Russia. The Central Bank of Russia is already considering the possibility of their implementation. Now a special commission has been created there, which is studying this issue and is working out appropriate amendments to be introduced into Russian legislation”, the press office quotes the words of State Duma Deputy, Rasul Botashev.

“The term halal concerns not only food, but also a way of life. The development of this business depends on consumer confidence, therefore it must be conducted taking into account spiritual and moral values”, said Talgat Tadzhutdin, chairman of the Central Muslim Religious Administration of Russia, during the discussion, noting that the development of the halal industry can bring tangible economic benefits to both Bashkiria and the country.