Question

    What is the main objective of Russia's first-ever

    Islamic banking pilot program, set to launch on September 1st?
    A To increase interest-bearing transactions in the country Correct Answer Incorrect Answer
    B To promote debt-based financial structures Correct Answer Incorrect Answer
    C To strengthen economic ties with countries operating under Sharia finance principles Correct Answer Incorrect Answer
    D To expand the use of the Russian Ruble in international trade Correct Answer Incorrect Answer
    E To target non-Muslim populations for Islamic banking services Correct Answer Incorrect Answer

    Solution

    Russia is set to launch its first-ever Islamic banking pilot program on September 1st, marking a significant shift in its financial landscape. With an estimated Muslim population of up to 25 million, this strategic initiative is aimed at tapping into a growing market and strengthening economic ties with countries that operate under Sharia finance principles. The Islamic banking pilot program has received the official endorsement of Russian President Vladimir Putin, solidified by the signing of a new law on August 4. The two-year pilot program will be concentrated in four Muslim-majority regions: Tatarstan, Bashkortostan, Chechnya, and Dagestan. Unlike conventional finance systems that rely on interest-bearing transactions and debt-based structures, Islamic banking operates under Sharia law, which mandates ethical financial conduct and prohibits usury. About Russia Capital: Moscow                 Currency: Russian Ruble                  President: Vladimir Putin

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