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- October 17, 202613°
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- USD49.45+0.05%
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- October 17, 202613°
Russia approves its first Islamic finance standard
The Central Bank of Russia has approved the country’s first participation finance standard. Transaction volumes in the pilot program conducted in four regions have reached tens of billions of rubles, while standards for sukuk and other financing instruments are planned to be prepared by September.
The Central Bank of Russia has approved the country’s first standard for participation finance. The move establishes a basic framework for interest-free financing, installment sales, financial leasing and partnership-based models.
An Islamic banking pilot program is being conducted in Bashkortostan, Tatarstan, Chechnya and Dagestan. Transaction volumes under the program have reached tens of billions of rubles.
The pilot program will continue until September 1, 2028. Standards for sukuk and other participation finance instruments are planned to be prepared by September.
Source: Instagram
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