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Islamic Bonds Issued In Russia
September 12, 2017 10:45


 Sukuk-invest company from Tatarstan issued Islamic bonds - sukuk for the first time in Russia.

The Central Bank registered the issue of bonds with a maturity of 62 days. Its volume is one million rubles. "The issue is approved by the Shariah expert," the report said.

Owners of bonds will receive non-fixed percentage, but a share in profits generated by borrowed funds when the bond is placed (sukuk-al-mudaraba). Issue of Islamic bonds is pilot and is being implemented to develop the technology for the release of such transactions, the agency said.

In May, the Deputy Chairman of the Federation Council, Yevgeny Bushmin, said that the Bank of Russia and the legislation were not ready for the spread of Islamic banking. In March, the Duma committee on the financial market recommended the lower chamber of parliament to reject a bill in the first reading that allows credit institutions to engage in commercial activities for the introduction of principles of Islamic banking.


Author: Anna Dorozhkina


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