Why is Russia Introducing an Islamic Banking System?

Back in July, Russia's lower house of parliament passed a bill to introduce an experimental Islamic banking system in the country's mostly Muslim regions. The pilot project will start on September 1st and will last for 2 years. According to some estimates, Muslims make up nearly 10% of Russia's 143 million people, with four areas in country's south having the highest concentration.
By next month the Russian regions of Chechnya, Dagestan, Tatarstan and Bashkortostan will have the option of conducting their finances in an Islamic based banking system. Russian financial analysts believe the changes will help the country build new economic links with Muslim countries across the Gulf and Asia. Islamic banking practices forbid the charging of interest on loans, and instead offer partnerships and participation in both profits and losses on certain investments. The system is gaining global popularity in financial hubs like London, Kuala Lampur, Riyadh and Dubai. The move comes as Russia looks for new economic partners amid ongoing western sanctions caused by the war in Ukraine.
Guests:
Madina Kalimullina
Executive secretary at RAEIF
Torek Farhadi
Former Adviser to IMF and World Bank
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[@karimulhaq254]

Wonderful decision by Russia to have an interest free banking . All Muslim countries will participate in interest free Banking .

[@Infidelx]

Muslim countries don’t have Islamic banks, or at least no real Islamic banks. They claim there’s no interest but the only thing Islamic about Islamic banks is the name 😂

[@Sbangfpv_]

InshaAllah

[@bazlur-Vancouver]

are you from poor Hunkisthan?

[@hah5663]

thats not a country, please tell me whats "Hunkisthan"@@bazlur-Vancouver

[@najeebshah.]

@@bazlur-Vancouver you must be a shitian

[@sheikhabdullah5748]

This is shameful to the Muslim Nations who haven't imposed Islamic banking system in their economy yet .

[@alia7919]

Muslims are behind in many fronts.. unfortunately

[@docaz9453]

Their no such think as islamic banking , riba/intersts is haram, and their no bank in world that can operate with out giving out loans with intersts

[@Iammram]

@@docaz9453 Of course they can lol. They can charge service fees, holding fees, transfer, etc.

[@AliKhan-ib4ft]

@@Iammram in the past people used to stash their money 🤑 in their house . Or someplace safe . Today we have banks that take care of that. That's the service they are offering and should be offering . And for that yes they should charge a fee around that and nothing else

[@damantrip2874]

@@AliKhan-ib4ft it's more than that in Islamic systems in Malaysia. If you borrow money you have to buy the banks share first. Meaning the banks itself has the legitimate investment in others sectors like plantations or marketing. Bank sell to you the shares at the price agreed and you pay by instalments. During the period of instalments the shares give you profits and sometimes losses. That we called sharing the risks and benefits. Simply easy to understand, if you have an axe and you sold to someone it's not haram to buy it back at agreed higher price. Even If you pay by instalments you still can bring the axe home and use it for your benefits. If the price fully paid the axe is yours.

[@wolmark-ym9pw]

I'm from Hawaii living in Saudi. The fundamentals of Islamic banking is genius and I'm part of it. I hope, it is also available back home or at least they provide the similar option.

[@ashraff_khan]

What you do in saudi

[@wolmark-ym9pw]

@@ashraff_khan I work here

[@learner10123]

​@@wolmark-ym9pware you a business person or doing a job there?

[@ashraff_khan]

@@wolmark-ym9pw from sea to sand. Good luck brother

[@infectedinfantry1887]

​@@ashraff_khannot all of Arabia is Sand 🤦‍♂️

[@qimat2766]

Alhamdulillah Love from INDONESIA 🇮🇩

[@demongodspov7816]

I am a non muslim, but I like the idea of this banking system. Where both parties, the bank and the customers are held accountable for their actions.

[@Ali-on9kl]

I invite you to Islam, have you read the Quran?

[@exarquazowexa7247]

the further you look into islam the more you find yourself agreeing with it ... i advise reading the quran and Muhammad 3sws's biohraphy. take you time and don't shy away from asking questions.

[@kingsgaminghd222]

​@@Ali-on9klpov: Muslims can't survive a day without asking someone to convert

[@anzalrashed4910]

And there is no interest broski

[@12sangap]

​@@anzalrashed4910sharing of risk

[@Democracyphobia]

no interest = no slavery .

[@mohdzaini9974]

100% agree.. 👌👍👍👍

[@bmmacoh3387]

No strings attached.

[@submitto99]

No more ziyonizm🎉

[@mustafakabuli571]

1000%agree

[@fauziakhalid5403]

.

[@ulugbekshukhratkhon]

For those who don't understand, conventional banks take 0 risk when lending money. In Islamic banking, the risk is shared between the lender and lendee.

[@marwin4348]

Plenty of people don't pay back their loans. They might go bankrupt or even die. That's a risk the bank takes when giving the loan.

[@ulugbekshukhratkhon]

@@marwin4348 what do you think insurance is for?

[@amirdiabe]

​@marwin4348 The risk is only if there's negative equity. However, if you default on payments and your house is worth the about the same as when you bought it or more, the bank will make a profit. They will repossess your house, sell it and take back the rest of the money, plus the costs they incurred repossessing the house. There's virtually no risk, as in most places they lend house prices are continually going up. The only time they can take a loss is if the house loses significant value.

[@alfan_rahadian]

if many are defaulted, then insurances company can't cover them all. it's like domino card falling@@ulugbekshukhratkhon

[@rajaeelastname4878]

Banks always take a risk when lending ANYONE. Who is the idiot who told you there is no risk ?

[@user-vk3yo3ou3t]

I'm a Western Atheist or rather rationalist, so most commenters here will see me as the enemy, but I think the Islamic banking system is one of the most honest ways of doing business with banks.

[@radwadawood8926]

No one think of you as enemy for having different belief. It is only the media making it seem everyone hates eachother. Divide and conquer concept 🙄😅

[@hass316]

No enemies mate. Credit where its due👍

[@kingslayer0095]

No enemies lol. We just see you as lost but there is no hate.

[@hove785]

It's YOU guys who hate us! We just think yall are dumb and lost :)) Butyes, Islam is the best dear! Interest is harram in Islam (ribba)

[@snifey7694]

Wanna try one? First you need to complete this quest On the Crescent moon, visit a mosque (it's a friendly place) And then learn religion Afterwards ponder on life and what god does Once complete, no interest account coming up.

[@dhorrchama7856]

No riba and interest means save from disastrous and wallstreet like thugs

[@trevaperes5343]

Yesssssss!

[@jasninordin2044]

100 percent agreed..

[@Stiffytheenlightened]

Why has Islam got 4 trillion dollars invested when millions are starving all over the world? Is it just an evil cult?

[@user-wm9ti8fk7v]

deal in slaves and pimping young girls like muhmammad @@jasninordin2044

[@theplotarmoredtitan5781]

Oh, the kuffar don't know what riba means 😅😂

[@katrajama2308]

Islamic financial system means No Riba and No Printing money. Well done

[@mlg1279]

No printing? 🤡

[@Mohtellawi]

@@CeK-er2ku your source: trust me bro..

[@MS-np2nf]

you're to tell me that when i have 100 units of money and the goverments decides to take away 2 units of money from me via inflation without my permission this is ok? @@CeK-er2ku

[@simplyyellow6240]

@@CeK-er2ku what he meant is Islamic currency is based on real treasury like Gold and Silver. The money they printed is based on their ownership of the real Money which is Gold. So no printing money out of thin air.

[@mrpepe1408]

​@@mlg1279👈🤡

[@charleskaren3948]

If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.

[@King_gabby]

The stock market rally run is gone, but I'm not sure if equities will swiftly recover, keep falling, or fluctuate in a narrow range for a few weeks, or if things will quickly get worse. I'm under pressure to increase my $300k reserve.

[@gabrieljules2424]

​@@King_gabbythe market is profiting if you are using a good broker or account manager to help out with trades or provide signals

[@stephenieGibbins]

Making touch with financial advisors like Kimberly Kent who can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times.

[@MickHafiz]

Her strategy trade EUR/USD is quite impressive and her currency pairs are 100% beneficial. With her help I've been able to leave my 9-5

[@adrienjulien5573]

​@@MickHafizI agree with you! With her help, I diversified my 450k portfolio among different markets. During this bearish market period, I was able to produce a net profit of little over $1 million from high dividend yield stocks, ETFs and equity. However, the reality is that you cannot do it without a tried-and-true trading coach like Kimberly Kent

[@shaaabubakr2686]

" The Holy Qur'an is not a story book, rather it is a code of conduct for life "

[@SaadMazari-kx8km]

Indeed

[@user-oy6gn7lu7k]

It's a p@#$ 📖

[@adarsh4764]

Nah its just a storybook with bad writing!

[@5lionkhorassan100]

@@user-oy6gn7lu7k Cow dung eater If you were front of me and said you wouldn’t have any teeth over

[@user-oy6gn7lu7k]

@@adarsh4764 don't fool yourself saying it's a storybook. Piss_am is the manifestation of the consequence of sin. Mind you Pologamy is the horrible sin. Father YHWH hated fortifications and adultery. Parameshwar told Abraham that this illegitimate child that he had will bring chaos into the world. That the decendend of that illegitimate child is MDH. Mdh met Satan (The Serpent aka @//@h ) and was offered the Keys of the World. Watch Christian Prince you will understand wht it is.

[@zainiabdullah621]

"The most evil organizations in the world today are The World Bank and the International Monetary Fund (IMF)." ~ Michael Hudson, Professor of Economics, Univ. of Missouri-Kansas City.

[@AbdulRauf-cq3fv]

Absolutely correct. I have heard that the World Bank, is either an extension of the U.S military or, the CIA.

[@Reds786]

dont forget NATO

[@badapple4436]

do not forget about nato .

[@deception6666]

IMF and World bank are biggest weapons of West.

[@IbrahimHassan-aso_eagle]

I agree with you africans governments are being trap by the west via world bank and imf

[@MohammedAlAmriki]

Interest has destroyed many lives. We must end this barbaric money making scheme

[@AbrarAhmad-ku6lw]

No , Banking system is the product of capitalists . Mainly concerned with interests on debts In Islam interest is the biggest Sin Therefore No Islamic banking can be possible Because banking thinks only for the benefits of specific class But Islam thinks for the benefit of the whole society . Therefore " Islamic Banking System himself is the wrong concept "

[@closeupman9591]

The non muslim countries especially the main superpowers don't want that, cuz that's how the control other countries...through the imf.

[@TashrifulAlam]

Congratulations and welcome to the true economic system that works for the good of the community and the general people. An economic system that does not cuts the pocket of the poor but ensures participation of both poor and rich with their possible resources. Best wishes Russia.

[@r.malcolmkr2052]

China's mistreatment of muslim minority Uyghurs is largely supported by most muslim countries. Now Russia is implementing an islamic based banking system. Don't be fooled. this is a gambit move.

[@afhmh2780]

If we call islamic finance something else, like "new world finance", every country will adapt it immediately

[@Dani-zg7fr]

I think the term 'islamic' should stay there to ensure that the system will not deviate from the islamic laws in economics. You call it something else it will deviate wildly in no time.

[@mitsuya23]

It is called Islamic finance because it has root in Islamic economic system and that will not change just for approval of some people.

[@unclem1014]

It won't be called something else because it's rooted from Islam and it laws are Islamic. If any country feels like they're willing to adopt it, it's a welcome idea but it remains Islamic finance/banking

[@ClassWarMatrix]

Western globalist financiers are not interested in interest-free banking. No usury = no debt slavery = no imperialism = the multinational Anglo-Euro oligarchy collapses.

[@hove785]

yesss lolll

[@Abdi.Yamotahari]

This is a Great development, a huge Congratulations to all countries involved. Special Kudos and thanks to Russia for recognizing and taking actions in this area. For hope and wish of peace and prosperity for the world.

[@Wawa-yk4fu]

😮😮😮😢😮

[@Wawa-yk4fu]

🎉😢😢😢😂

[@RC-br1ps]

Islam has not bought peace and prosperity, only terror and subjugation over its entire existence. The ideology does not provide for peace and prosperity, except in a Islamic Caliphate, as defined by Sharia. The Quran calls for subjugation and humiliation, conversion, or elimination of the non believer (ref: Quran).

[@MrJdevilla]

yay now you be part of digital currency

[@udaramalam7348]

O muslim don't be deceived, there is no such thing as islamic banking system. The idea of investing from deposited money itself is haraam (forbidden). You cannot combine those things, unless you separate between investment money and saving money, then it is permissible

[@spanishlearningchannel5100]

This is great of Russia & Islamic countries. Alhamdulillah

[@PixelogistFacts]

Shame to all Muslims country who does not apply this Islamic banking law.

[@ArabianBoy717]

Do you live with us ?? There are Islamic Banks in all Arabic countries and maybe all Muslim countries has at least one Bank that applies Islamic system So to whom you are shaming without reason?

[@mustikadjunaida7401]

Good for Rusia, anyway, we in Indonesia already use Islamic bank for years... Also our brother in Malaysia Brunei etc

[@rinoyuliafano3073]

I think most Muslim Country run it... Indonesia has run Islamic Bank since years 1991...Our neighboor brother Malaysia, Brunei also run it!.. Thx to Mr. Putin that promoted Islamic Economy Fundamental sistem to his country!..

[@danielvandenhoek1028]

​@@ArabianBoy717 to be fair, the comment is shaming all countries that don't have it. So all that have it are not the ones the comment is aimed at. ;)

[@ArabianBoy717]

@@danielvandenhoek1028 Then no muslim country I guess all Islamic countries have at least one Islamic bank

[@ogremair803]

I wish more people would understand the benefits of Islamic banking. Interest based banking always makes the rich richer, and the poor poorer, and most people if not all in the west, don't know this and keep falling into debt traps and struggle to get out of it.

[@AS-jo8qh]

How do Islamic banks earn money?

[@naimaabdullahi6272]

@@AS-jo8qhthere still is of course the holding fee, service fees and sometimes transfer fees Islamic finance is very pure and transparent read on it to find more info

[@fadlisuryanto8617]

​@@AS-jo8qhgovernment should be paid them ?

[@tawfiqtrading]

​@@AS-jo8qhinvest, property...

[@Muhammad_Nuruddin]

@@AS-jo8qh Through investments. I looked it up. It says that a portion of the profit from people or bussinesses who do investments are shared with the bank, i.e. they’re shareholders.

[@TheRockeyAllen]

May Allah grant all of Russia guidance towards the truth of Islam through means of peace and firmness against evil

[@sharonn381]

LOL. What would Russia or Islam know about peace.

[@TheRockeyAllen]

@@sharonn381 Islam knows a lot more about peace than the rest of the world

[@beli3ver]

@@sharonn381 Coming from the mouth of the one who nuked the F out of Japan and Invaded Iraq and faced humiliation in Afghanistan.

[@Peliwat.Nusantara]

@@sharonn381 the word Islam itself means peace.. LOL

[@desiqti]

@@Peliwat.Nusantara no.. wtf

[@pmaitrasm]

This is a good move. The world seriously needs to look into usury free finance and only by experimentation will there be a reliable process.

[@dontchatbob5249]

❤

[@TheJohnnyJohnny]

So far it's not very successful in terms of generating huge profit margins compared to the conventional counterpart. But the ethical value is unquestionable

[@TheJohnnyJohnny]

Hopefully people will realize money is not everything and people will be helping each other to create common value

[@alH1ndawi]

​@@TheJohnnyJohnnywhy should we profit from interest? It makes the poor poorer and the rich richer.

[@MrJdevilla]

welcome to digital currency. if you're part of central bank then you're part of cbdc

[@jesusisamuslim3023]

No interest, no drugs, no racism, no prostitution, no alcohol, no degrading jokes about other people, no lgbtq agenda. 🚫 Be kind to parents. Nurture the kinship ties. Treat your spouse well. Be respectful to the elders. Be a good neighbor. Donate because it’s the right of the poor. Be correct and honest in trading. Be a helpful person ✅ If all people would practice Islam. God knows what’s good for us. Subhanallah, Alhamdulillah, Allahu Akbar 🤲🌸

[@SuperYinox]

Basically no life at all , back to praying and having an or...g....y with your 4 wives.

[@sonn156]

@@sweetginger222the importance of being a smart leader

[@StarlightBibi]

Exactly. ❤

[@durudcapacity7458]

What is islamic racism? What is islamic double standard? What is UYGHUR HALAL ORGANS? What is HUMAN FLESH CAPSULES? Why are all Muslim countries including "Palestine state " unlawfully supporting China's Uyghur Genocide in war criminal China's army illegally invaded Eastern Turkestan in Central Asia?

[@eddosimonetti2314]

Treat your spouse well.... by forcing them to wear a burka. Jesus was not a muslim, islam came 600 years after Jesus died. You are also manipulating the Qu'ran to make alcohol less of a sin, which means you most likely are a drunk arab kafir. ISLAM WILL BE DEFEATED BY ITS OWN FOLLOWERS.

[@junaidilouisjimir5592]

Malaysia started Islamic Banking & Finance in 1983 as well we practiced it in our share market.

[@Baby1245]

I live in Saudi Arabia and Islamic Banking is a good thing. I feel it is honest and fair. It's God centered, Religious and it's not usury... It's more about growing your savings and investments instead of lending or loaning you funds... It's good money... 👍 I like it and I know Religious people there will like it too.❤

[@TheLolz1988]

Unfortunately saudi arabia is a fake country that doesn't have justice

[@Srfs777]

Be honest bro what’s your annual salary in the banking sector living in Saudi Arabia?

[@2emptywords]

Lol

[@bazlur-Vancouver]

In Japan, zero interest and it used to be less % in the USA and Canada than in Islamic Banks in Muslim countries. what is an Islamic bank? Do they give you free money? stupa fundamentalists live in the 7th century and f' donkey. How does an Islamic bank work? To earn money without the typical practice of charging interest, Islamic banks use equity participation systems, which are similar to profit sharing. Equity participation means if a bank lends money to a business, the business will pay back the loan without interest and instead give the bank a share in its profits.

[@TheLolz1988]

@@bazlur-Vancouver okay modi boy in india they have weak genetics cannot fight and eat animal dung to survive... islamic banking is using rent instead of interest.. but you would know that because youre indian

[@googooboyy]

If Islamic Banking is adopted by all economies, there would be ABSOLUTELY ZERO financial crashes.

[@masterdicpp1970]

Let's not say zero, The last time we said something won't happen means its gonna happen

[@Mohammadkwt]

@@masterdicpp1970 will for 2008 and 2014 market crashes, the west was the damaged one unlike the countries who doesn't use its economy system. heck...look at those who are damaged by the current inflation, again, it's the west.

[@vyrsh0]

Jews will find a way to do jewish stuff

[@furqanshariff]

Not zero, but a fewer, we recognise business cycles

[@SingingblissofRajat]

Why did financial crashes happen during umar and ali governance then?

[@mdpaigamwarshi2153]

A plenty of respect for Russian president 🇷🇺 From India 🇮🇳 May Allah SWT bless him.........

[@hassanrafi5887]

​@@shav349you wanna go and kill him? 😅

[@jewelkhan4433]

alhamdulliah,,, this is so prominent initiative ❤

[@stillwatersnightsky6533]

Wow this is so good!!!! Am a Christian but this is wonderful!!

[@thinkislamcheckmychannel]

👍👍💚💚

[@angcil88]

I mean it's the same with Judaism & Christianity right? If I'm not mistaken usury & interest isn't permissible in the bible?

[@ophirbactrius8285]

The prohibition on interest or riba is not the first time in Al Qur'an or Al Hadis as law of teachings(syariat) of Prophet Muhammad P.B.U.H but mentioned early even in law of Torah or Old Testament for Prophet Moses P.B.U.H and in Gospel or New Testament for Prophet Jesus(Isa) P.B.U.H. But now in law of Torah, the previous ancient well corrupted Rabbi changed the original prohibition on interest and its just apply on among Israelites or Jews but its legally to lend money with interest to others Goyim@Non Jews@Gentiles@Non Israelites which are blasphemously and double-standardly towards the divinely plain and clear law by The Almighty Lord.

[@thinkislamcheckmychannel]

@@angcil88 do they put it into practice?

[@nourvanwest070]

Interest is also not allowed in Christianity

[@riamu1985]

This is a good idea. I hope they will do it the right way.

[@BroMieyy]

Proud of my country to establish ourselves as global Islamic finance hubs.

[@mahalia_kendrick]

I just got approved for a $420,000 mortgage that would put me at about 3300 a month on a $80,000 salary. And what's even crazier is he said I could be approved for up to half a million. Like dude, that's over 3/4 of my take-home pay! We are going into a gigantic bubble where people cannot continue to afford their monthly payments..

[@Jessrobbie]

I hear you. I was approved for 700k no debt and I’m like WTF??? This was when rates were at 6% but there’s no way I’d take out a loan that high. How the F are ppl paying for their house???? I can only reasonably afford a loan at 350k and a 550k house with 200k down. Taxes out the wazoo! 800-1k/month. The taxes alone will kill you!

[@Kellymccormack534]

Forex/stock is the best investment anyone could get into. As it could make you rich in a blink of an eye. it's not recommendable to go into trading or investment when you don't know how it's done, Investing with a good guide is the best way to get started in the trade market. would free you from modern financial slavery...!

[@Ariellasegal.]

​@Kellymccormack534 : 😮really?? I've always wanted to invest in stocks but was always discouraged. I wanna start now, Would it be okay if I asked you to recommend a specific advisor or company that you used their services? Seems you've figured it all out.

[@Kellymccormack534]

​@@Ariellasegal.I usually go with registered representatives. ''BRITTNEY ROSE COHEN" for example has the best performance history (in my opinion) and does offers 1v1 consultation to her copiers which I think is amazing. I don’t know how many traders like that are there.>

[@Kellymccormack534]

You know whatspp right? 👇 Take note of this digits,.... To be one of her good student.

[@Musafirrahmat]

alhamdulillah in malaysia we have islamic banking

[@wanz100]

not really islamic. its just conventional with extra steps

[@carburatordung221]

Just a back door for riba, with no support of whatsoever frm regulation

[@Musafirrahmat]

@@wanz100 which islamic scholar said that? What fatwa?

[@Musafirrahmat]

@@carburatordung221 where you get that? Which scholar give that fatwa?

[@carburatordung221]

Refer your PPIM

[@IrfanKhan-qb6zo]

I read somewhere that at the time of Manmohan Singh the Ex Indian Prime Minister India was thinking about implementing Islamic Banking system because it helps to reduce Economic Disparity but then the present regime of Communal Leader Modi came to power who are core haters of other Religions so they scrapped this idea...

[@shereefu]

True'👍

[@arx117]

Muslim around the world know modi is Hindu extremist, they even claiming everything came from India and Tamil is superior race (sound like Nazi) than Aryan. Sadly There's indian in my country who believe this nonsense and thought my country is belong to them.

[@norasis2000]

With my pleasure that’ brilliant idea 👍 Go For It !

[@syedahmadqusoiri3067]

Alhamdulillah..

[@humptydumphty]

It is the biggest evidence that current systems are not working and Islam is only way out İnshaAllah

[@koorabelayo4035]

True indeed !

[@kasihjuliet9538]

Aamiin..

[@juanway]

Facts

[@mlg1279]

Russia is smart - it knows mu-slims are suckers for anything is-lamic. Russia 👌 I-slam is for id-iots

[@user-wm9ti8fk7v]

deal only in slaves and pimping young girls like muhmammad

[@adejaya1692]

Indonesia built it's first Islamic Bank, Bank Muamalat, in 1991. Afterwards, many private banks in Indonesia opened it's Islamic division. The latest development was when the government integrated all islamic devisions of its banks into Bank Syariah Indonesia.

[@yuraina430]

but it fail, they take more then common bank they just change the name, no hate here cuz I wish Syariah bank really can help us.

[@zafir7007]

Anwar Ibrahim of Malaysia founded Bank Islam Malaysia in 1983. There after, many banks introduced Islamic Banking as one of their services Still going strong.

[@damantrip2874]

The best Islamic investment fund in Malaysia is Tabung Haji. Established in 1979 were very successful ever since Bank Islam follows few years later and now every banks in Malaysia has it Islamic banking division and conventional banking as well.

[@aburhanaw]

​@@zafir7007no it's not. He was not in the government when the idea for Islamic Banking was first initiated at the Kongres Ekonomi Bumiputra in 1980. Credit should be given to Dato Dr Halim Ismail instead of Anwar.

[@zafir7007]

@@aburhanaw You are correct.

[@ahmedmusa9821]

Thank you

[@ahtashamfirdausi7496]

Much appreciated 😊👍

[@asmaben1114]

A very interesting initiative...Western Europe has kept on delaying this option to the many Muslim citizens living there...they do not encourage free market economy at all anymore. Options are very limited.

[@bazlur-Vancouver]

why do Muslims go to Europe? they can f' their goats and Jamel at home and take loan houpuri for free interest. who will pay the people there who work for the bank? your dad? Muhammad? allah?

[@anwarabrahams2413]

​@@miamor5929like u and your dad I feel sorry for u

[@AbrarAhmad-ku6lw]

No , Banking system is the product of capitalists . Mainly concerned with interests on debts In Islam interest is the biggest Sin Therefore No Islamic banking can be possible Because banking thinks only for the benefits of specific class But Islam thinks for the benefit of the whole society . Therefore " Islamic Banking System himself is the wrong concept "

[@benegmond6584]

why do you think muslims would get special treatment LOL

[@JHMninja89]

@@benegmond6584 i think everyone regardless of religion should be able to have the option to engage in interest free banking, no?

[@LionsHeart3.1.3]

Subhanallah (Glory To Allah)☝️

[@waqarkhan25]

inshallah indeed

[@N9TheNoob]

Absolutely

[@adamgreen5590]

Great discussion ma-sha-Allah i hope it will happen in USA UK Canada and Australia too. 🙌

[@KellieEverts-ss8uz]

Thats wonderful!!! 0:18

[@jrl286]

Islamic banking are first introduces in 1980s in malaysia by malaysian government. Malaysia open up bank islam malaysia berhad. No fluctuate interest, no riba. Only bank charges by the bank depending on the transaction. In malaysia, even non muslim prefer using this type of banking.

[@arx117]

Government doesn't have any relation with bank Islam. Back in late 80's, my mom is government staff want to put money there but they forbid it. Because of 2 reason 1) they refuse to have any government staff account 2) they don't want money from government back then because they said government got money from haram money Not until bank rakyat exist, all government staff were told to create account there. Bank rakyat using 100% Islamic banking too

[@AbdulQadir-vl4bz]

Masha Allah!!! A Christian nation is teaching a great lessons to all Muslim countries that are deep into ribah. May Allah swt bless Russia!!!

[@NionXenion-gh7rf]

russia is no more christian, putin is globalis imam

[@Notreallyhereanymore]

Russia is like 20% Muslim but yes

[@arx117]

​@@Notreallyhereanymorethat's why he said Christian nation

[@LightForxes]

@@Notreallyhereanymore 10% but its only because Russia conquered Muslim territories and incorporated into the Federation..

[@TahrimAzadTA]

Amazing initiative.

[@connorshaw-case6030]

Absolutely beautiful. This is how economic cooperation should be pursued. Not just making everyone follow corrupt rules that profit oligarchs.

[@St-lan]

. no interests rates/ no risk of losing your house .ever .

[@Juan-ud3if]

Salute Russia for thinking Forward. 🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋

[@poposki8027]

Good initiative ❤

[@uk4490]

Great initiative 💯

[@khalidjee6719]

A step towards financial peace and prosperity.

[@askeladd60]

You mean financial stagnation

[@khalidjee6719]

A successful. Flourishing and thriving condition.

[@DesiRockMetal]

This is a great initiative.

[@AbrarAhmad-ku6lw]

No , Banking system is the product of capitalists . Mainly concerned with interests on debts In Islam interest is the biggest Sin Therefore No Islamic banking can be possible Because banking thinks only for the benefits of specific class But Islam thinks for the benefit of the whole society . Therefore " Islamic Banking System himself is the wrong concept "

[@prhasn]

Fascinating development and excellent insight from guests.

[@damianloder6080]

Bravo 👏 Great work comrades 👍

[@syedferozshah6558]

mashaAllah

[@ChrismAIAutomation]

Muhammad is satan

[@RohitVermaJaiBhim]

Wonderful step by Russia .

[@evangiles4403]

Rubbish he's desperate for money

[@riazdangor5849]

@evangelis, your comment is rubbish and belongs in the dump along with those who hold your Satanic wordlview

[@omwoyojames6592]

​@@evangiles4403 your desperate to think big😢

[@MariaKasova59]

​@@evangiles4403you are too close minded that all

[@mrpepe1408]

​@@evangiles4403👈🤡 crying 😂

[@hathilaabdulsalam1668]

Allah give success to all who adopt Islam in any manner. Definitely the world will see a change and inshallah African countries will get opportunity to develope. Alhamdu lillah good initiative.

[@kwhandy]

this is good step🎉 in fact japan also think that interest blaming their economics, sometimes i heard that even they apply almost near 0% to protect on their own

[@enlivenrex9997]

This is a good move by Russia and the right time for a genuine public owned banks under Islamic principles to come up as the world is yearning for a non exploitative values based financial system. Perhaps a few Muslim countries should pool their resources and form a joint Muslim bank and back it with sovereign guarantees. One that takes projects on shariah compliant principles. This should be open to all regardless of the customers own values so that they can see and differentiate between halal and haram banking.

[@mkodyChallengesYOu]

Last sentence shut me up I was like forget western@world But I forgot our duty to educate and show a way which is righteous

[@yuliaimmajati]

There is an Islamic Development Bank, a multilateral development bank with 57 country members, and has been the global leader in Islamic finance with more than 16 billion USD of operating assets and 70 billion USD of subscribed capital. You may like checking their website.🙏🏻🙂

[@enlivenrex9997]

@@yuliaimmajati I know but its not for personal banking as that is needed transnationally.

[@Si_nengatcha]

@@enlivenrex9997 eh, I don't know about other country, but in Indonesia there are 2 big sharia banks. Main customers for both are individuals. They have ATM, debit cards, online banking, mortgage loans, etc. So it's just like everyday bank for everyday people. And you can transact internationally too. Both also have partnership with companies. Also you don't have to be muslim to access their services, including loans. I'm sure the same also happen in other countries that have sharia bank. So, is that what you mean?

[@enlivenrex9997]

@@Si_nengatcha It does but the problem is such banks are country specific. They aren't like the HSBC or other global banking brands. I meant that and the reason why the IDB or Muslim countries could group in and form such a transnational bank backed up by sovereign guarantees and conduct business in an ethical shariah compliant way.

[@serhatsimsik9253]

Well done Russia

[@AbrarAhmad-ku6lw]

No , Banking system is the product of capitalists . Mainly concerned with interests on debts In Islam interest is the biggest Sin Therefore No Islamic banking can be possible Because banking thinks only for the benefits of specific class But Islam thinks for the benefit of the whole society . Therefore " Islamic Banking System himself is the wrong concept "

[@pyrophoresist1497]

Excellent! Islamic banking is for everyone. Living in the UAE & holding an account at an Islamic bank I saw tons of non-Muslim clients & account holders.

[@jibranmalik4433]

بہت اعلیٰ اوریا صاحب❤

[@ohihassan693]

As a Muslim living in a country that does not have Islamic banking, I am so happy for the Russians muslims. They can easily avoid ribba(interest) now. Taking, giving, helping in or being witness to interest is a bigger sin then drinking alcohol (as I have learned from scholars of islam). It's a great work by Russia. I am sure it will prove so much beneficial for Russian people and it's economy, as interest by default is for making rich people richer and poor people poorer. After seeing the benifits, I hope other countries will follow.

[@germanshepherd6638]

There are online Islamic banks

[@ohihassan693]

@@germanshepherd6638 I didn't know, I will look into them. But I don't think Indian government allow them.

[@tttuu3309]

That’s why I love Russia they learn from thr mistake grow as a people, but some “democratic lover “ by circumstance are busy with gender propaganda

[@therisencomrade3452]

gender propaganda...🤭😂🤣

[@siegesage]

Absolutely correct, basically they're diverting the attention by misguiding youth trhu stupid propagandas making them doubt themselves and be vulnerable so they don't choke these democratic lovers in future There is literally nothing there but propagandas of all sorts

[@user-ow6sg4te3s]

@@therisencomrade3452 What else is it?

[@sheikdawood3581]

AssalamuAlaikum. Allah may save your effort & bless them all with prosperity.

[@nelsonjjimenez3090]

Good business can alleviate economic concerns and diffuse war concerns by taking care to safeguard finances for all..

[@shimchung]

러시아는 전세계 국가간 모든 분야의 교류를 공정 건전 신뢰를 기반으로한 투명한 시스템을 관리감독할 지도자적인 국가로 자격이 충분하며 이미 모두가 인정하고 있음을 증명합니다.

[@desiqti]

Bruh.. Transparency and justice ahhahahahhahah, as a russian i hate you for saying this dumb bs.

[@therisencomrade3452]

101% western bot👆

[@servant-of-the-federation]

​@@therisencomrade3452😂

[@AbrarAhmad-ku6lw]

No , Banking system is the product of capitalists . Mainly concerned with interests on debts In Islam interest is the biggest Sin Therefore No Islamic banking can be possible Because banking thinks only for the benefits of specific class But Islam thinks for the benefit of the whole society . Therefore " Islamic Banking System himself is the wrong concept "

[@puakagrinder2766]

​@oldschoolpkwashington's clown

[@deanjackson2102]

good way to attract banking money

[@julkarnain7279]

That's great.

[@olmadevlogs]

Some will be pissed with this..😂

[@wjalfi4216]

Berita bagus. Semoga Sistem Perbankan Islam di Rusia bisa segera diwujudkan dan tumbuh secara sukses. Semoga Allah mudahkan.

[@2rurangwa]

Russian is becoming more and more blessed.

[@chombee9029]

in our country Malaysia has been practicing it for a long time in 1963 starting from the hajj fund.. and all banks in Malaysia also introduced Islamic banking in 1993 till now..

[@chombee9029]

@1_Noone yup.. now there is also in the shariah system.. and in the pawnbroking system the Islamic system is used where the interest is lower..

[@warcriminal3414]

that is a great move and I hope it spread around the world and I am sure any sane person would prefer to work with an ethical Islamic banking where the bank and the customers are held accountable than to work with western secular banking where the banks always wins and the customers become slaves to the bank with accumulating interests

[@adtiamzon3663]

Islamic Banking... Excellent initiative 🇷🇺 Russia ❗️🌞👏🏼👏🏼💞💪🇷🇺🕊🌍💐

[@AbrarAhmad-ku6lw]

No , Banking system is the product of capitalists . Mainly concerned with interests on debts In Islam interest is the biggest Sin Therefore No Islamic banking can be possible Because banking thinks only for the benefits of specific class But Islam thinks for the benefit of the whole society . Therefore " Islamic Banking System himself is the wrong concept "

[@KnordStream49554]

Good stuff and I definitely have to be an investor in this Islamic Bank of Russia...💪

[@AbrarAhmad-ku6lw]

No , Banking system is the product of capitalists . Mainly concerned with interests on debts In Islam interest is the biggest Sin Therefore No Islamic banking can be possible Because banking thinks only for the benefits of specific class But Islam thinks for the benefit of the whole society . Therefore " Islamic Banking System himself is the wrong concept "

[@masoodr971]

How does Islamic finance deal with preferred dividends? Aren’t the operating the same as interest?

[@arx117]

Nope, Islamic bank has zero interest. What they did is to to charged higher to prevent any interest

[@syedbadshah748]

good decision . May Allah accept your sincere efforts .

[@c.kainoabugado7935]

Excellent news. Why does this channel call it "legalize" as if the method of banking is illegal now? Many economic words to use for banking method developments.

[@fouzifouzi3393]

Current banking is illegal since it's enslaving people by charging interest, which is illegal.

[@humzanafees9348]

Respect to the Russian people. This kind of system is the way forward 🇵🇰❤️🇷🇺

[@KALASHNIKOVA546]

🤝❤🇷🇺

[@abdmuhaimin]

I heard the names of Kuala Lumpur and Malaysia mentioned many times in this video

[@khalidjatuk1]

That’s Excellent

[@juborazmahi3777]

Masha Allah. I will Insha Allah invest there definitely.

[@abelo2305]

There is no such thing as an Islamic bank why do you want to invest to a person who has killed millions of Muslims?

[@AbrarAhmad-ku6lw]

No , Banking system is the product of capitalists . Mainly concerned with interests on debts In Islam interest is the biggest Sin Therefore No Islamic banking can be possible Because banking thinks only for the benefits of specific class But Islam thinks for the benefit of the whole society . Therefore " Islamic Banking System himself is the wrong concept "

[@farookjabbar3978]

A Good financial Aspects ❤❤❤

[@yaali8227]

Amazing…

[@cryptogenie01]

Amazing ❤

[@enlivenrex9997]

I would suggest that aside from Russia, the IDB under OIC must become more active across the world as the go to people's bank and adopt practices for it. This would get more accretion if they their risk is further spread out both through various Muslim govt backings and general public confidence spread across a population. This would require transparency in its project undertakings and it's here that they should be seen as impacting the local communities by investing in their growth through build, train and trransfer type investment using domain experts.

[@DrKh-Endocenter]

Indeed a welcome move. Masha Allah

[@generalfranco9399]

Thats beautiful, Alhamdulilah.

[@umesalma4143]

A good start, congratulations

[@bellohadiza9414]

BETTER a NEW HOPE not the exhausted western system .

[@ronyswed2404]

This is a very good initiative in terms of business, integration and interaction

[@inamulislam7141]

Thank you so much for providing this good news. May I know this news channel belong to which country?

[@JanBruunAndersen]

Türkiye

[@inamulislam7141]

@@JanBruunAndersen thank you so much

[@user-cv2of4ve4u]

How do you turn credit into gold?????

[@tazboy1934]

Great stuff

[@alphagraficks1772]

SubhanAllah, the world should follow Russia's footstep. Thanks Russia 🇷🇺 ❤ 🇵🇰

[@salahuldin8699]

You are thanking a terrorist government who is continually murdering Muslims around the world and killed thousands of Muslims in Syria. They are not our allies whether they open an Islamic bank or not they are not our allies and their war isn’t the Muslims war, so Muslims are not allowed to fight beside Russia.

[@KALASHNIKOVA546]

🤝❤🇷🇺

[@user-cv2of4ve4u]

100%pure fine gold free of politics

[@maxamed4yare]

Wow, this is amazing 👏 💖