Moscow, July 21, 2022

The Spiritual Assembly of Muslims of Russia (SAMR) claimed its support of the introduction of Islamic financial instruments in the Russian Federation. A positive result of the relevant bill may be the opportunity for Russians to introduce new forms of financial management, Albir Krganov, head of the SAMR, told RIA Novosti.

Earlier, Anatoly Aksakov, head of the State Duma committee on the financial market, told RIA Novosti 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. The relevant bill has already been prepared and sent for approval.

“Muslims of Russia support the introduction of Islamic financial instruments in the Russian Federation. Thus, in March of this year, in the Public Chamber of the Russian Federation, Spiritual Assembly of Muslims of Russia organized a panel discussion on this issue with the participation of Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, as well as the diplomats and ambassadors of Muslim countries. We have a great interest from business communities of the respective countries,” Mufti Krganov said.

The religious figure noted that the strategic vision group “Russia-Islamic World” has been working on the topic of Islamic banking on its sites for several years. “I am a member of the group, which plans to hold in 2023 a panel discussion in one of the Muslim countries on the issue,” Krganov added.

The Mufti also said that the process of preparing for the introduction of Islamic banking is taking place in close cooperation with representatives of Islamic business structures and civil society institutions.