State Duma Deputy Dmitry Savelyev, representing in the Russian Parliament the party «United Russia», introduced a bill entitled the «escrow account escrow investment» whose purpose is the promotion of Islamic banking.
About it writes on Tuesday, 2 February, news Agency RIA Novosti with reference to the database of the lower house of the Russian Parliament.
«The bill proposes the adaptation of a previously introduced the legislation Institute of the escrow accounts for the needs of traditional (partner) banking», – the edition quotes the words of the author of this initiative.
«The discovery and practical development in Russia a full partner institutions (primarily Islamic) Finance is difficult to make systemic changes in banking, civil, tax legislation», — stated in the explanatory note to the document. However, «open «affiliate», or «Islamic», «Windows» operating in credit, insurance, investment or other financial market can be implemented in the nearest future», – Savelyev stressed.
The MP drew attention to the fact that one of the challenges significantly hindering the introduction of products partner (Islamic) banking is the difficulty of separation of financial flows «permitted» and «prohibited» transactions.
Recall that Islamic banking means conducting financial Affairs in accordance with the norms of Islam, who interpret the bargain as a process based on justice and honesty of its participants.
Islamic banking — form of banking principles consistent with Islamic norms. The financiers of Muslim countries had to invent securities involving additional principles of sharing of income from joint business or use of property, in order not to offend Allah, «has permitted trade and has forbidden interest».
For example, in Islamic Finance it is forbidden to charge interest, and instead of a loan the Bank sells to the client in installments of the goods at an inflated price. Also banks are prohibited to engage in trade, but under this rule are not subject to precious metals, the trade of which formed the basis of the mechanism used last year, the Kazan Bank «AK bars» to raise funds within the framework of Islamic instrument is the «Murabaha» — trade agreements, whereby the seller directly indicates the costs incurred in selling the goods, and sells them to another person in installments at a premium to the original cost which is known in advance to the buyer. Subsequent sale of goods financed through Murabaha, allows to get the output «live» money.
In addition to Murabaha, in Islamic banking there is a tool leasing — Ijara, and Islamic equivalent of bonds — sukuk.
In Russia first announced the release of sukuk Bank VTB, but the project was not implemented due to the fact that the new document did not conform to the norms of Russian financial legislation (according to other sources, emissions prevented the 2008 crisis), explains the website NEWSru.com.