IslamicFinance.de

Maxim Tafintsev, President of the Arab European Lawyers Association, speaks on why Russia’s authorities this year are seriously going into the issue of opening the door to Islamic banking under Shariah Islamic law. For the past five years a certain practice has formed in the framework of the existing legislation, the practice, which allows using and employing certain products. Installment selling and leasing are allowed now, insurance products began to work as well. Specifically Russia needs to modify its banking laws to conduct credit and deposit policies. Particular changes in the tax legislation are required to help Islamic financial products be less costly. By the number of Muslim population in Russia, which is 20 million, their engagement in legal financial turnover may bring from shadow avalanchine sums of money.