THIS DAY IN HISTORY:
7 March 1967 Workers and employees in the USSR shifted to a five-day working week with two days off.1967 The workers and employees were transferred to a five-day work week with two days off in the USSR1933 Charles Darrow invented Monopoly game.1933 Charles Darrow invented the Monopoly game1876 Alexander Bell patented the telephone.1876 Alexander Bell patented the telephone
According to the head of the State Duma Committee on the Financial Market Anatoly Aksakov, the relevant draft law has already been prepared. The need for changes is due to a number of reasons.
Firstly, the rapprochement with Islamic countries in terms of economic activity. Secondly, the specifics of Islamic banking (financial activity based on the principles of Sharia) does not allow to enter the financial instruments inherent in this system into the current Russian legislation.
It is worth noting that Islamic countries are very interested in the Russian investment direction, and the financial instruments of Islamic banking themselves can be quite progressive – this is evidenced by the experience of their integration in the UK and Switzerland.
There are about 520 banks and 1,700 investment funds in the world that adhere to Islamic principles.
From 2012 to 2019, Islamic financial assets grew from $1.7 trillion to $2.8 trillion, and they are projected to grow to almost $3.7 trillion by 2024, according to the report of the Islamic Corporation for Private Sector Development (ICD) and Refinitiv for 2020. This growth is largely due to the rise of the economies of Muslim countries (especially those that have benefited from the rise in oil prices).
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