New type of financial entity may appear in Russia’s Islamic finance sector

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According to her, a new financial organization is required to flatten out the tax burden, determine key operations and requirements for them, as well as create mechanisms to protect investors.

In Russia, 61 AAOIFI Islamic financial standards have already been published in Russian in 2022, and an official translation of the IFSB standards is underway.

Madina Kalimullina noted that Russia has a wide experience in the implementation of Islamic finance products of various scales and profiles, and expert platforms are operating under the auspices of the Central Bank and the State Duma.

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