Islamic banking makes its way to Russia

The Islamic banking system continues making its way to Russia, although not as quickly as its supporters would like, primarily Russian Muslims who number 21 million people, according to various estimates. The main problems relate to the need to change the Russian legislation. But the first steps in this direction are already being made. A draft of amendments to the Civil Code was submitted to the State Duma this week to help separate Islamic money flows from non-Islamic funds. The document prepared by Deputy Chairman of the State Duma Committee for the Financial Market Dmitry Savelyev stipulates opening special bank accounts to allow investing funds on these accounts into assets permitted by the Code of Muslim Laws.