Deputies of the Oliy Majlis have approved a draft law to introduce Islamic banking and sent it to the Senate. This document establishes the legal framework for new financial services.
The adoption of the law paves the way for the introduction of Islamic banking. Such financial institutions will be allowed to engage in trading activities for the purpose of financing clients.
Representatives of the lower house of parliament emphasized that banks based on Islamic finance standards would be permitted to conduct trade activities to finance their clients. Deputies noted that the new tax arrangements are expected to help expand the volume of Islamic financial services.
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