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Mufti Samigullin: Tatarstan is ready to introduce Islamic banking

Kazan, August 11, 2022

Tatarstan can become a launching pad for the introduction of Islamic banking in Russia, the region has all the prerequisites, Kamil Samigullin, chairman of the Muslim Religious Administration of the Republic of Tatarstan told RIA Novosti on Thursday.

Earlier, Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, said that he hoped for the adoption of a law on the legalization of Islamic banking in Russia in the autumn session of the State Duma. According to him, while Dagestan and Chechnya are being discussed as pilot regions, Tatarstan and Bashkiria are showing great interest and activity. According to Aksakov, these regions should also be included in the Islamic banking experiment, which could begin as early as 2023.

“Tatarstan has the base and experience for Islamic bnking. Muslim Religious Administration of the Republic of Tatarstan has approved a number of new banking products. Among the financial services are halal (permitted from the point of view of Islam - ed.) installment plan for the purchase of real estate in Ak Bars Bank, a tool for halal investment in Ak Bars capital, a mobile application-identifier for the compliance of securities with Sharia requirements in “Sahih Invest” and halal installment plan according to the principle of murabaha (type of sale, when the seller clearly indicates the amount of expenses incurred to purchase the goods he sells and sells it to another person with a certain margin) for the purchase transport, small household appliances and other products in the Miras Financial House. Therefore, Islamic banking in the Russian Federation can start from Tatarstan,” Samigullin said.

“In each of these financial organizations, we assigned the controller of the Muftiyat. They are Sharia specialists and certified experts in the field of Islamic finance with a certificate in accounting and auditing for Islamic financial institutions (Bahrain) AAOIFI. In other words, Tatarstan is fully ready for this project,” - Samigullin added.

 

 

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