Russia looks to lift first barrier to Islamic finance and Sharia laws as crisis grows

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 According to Reuters, Russian lawmakers have introduced to parliament a draft bill to support Islamic finance, aiming to attract capital inflows at a time when an economic slowdown is intensifying and Western sanctions show no sign of being lifted.

The draft law, sent to parliament’s lower house, the State Duma, this week, proposes allowing banks to engage in trade activities, a concept central to many of the structures used in sharia-compliant financial products.