The document introduces amendments and additions to the Civil and Tax Codes, as well as to the laws "On the Central Bank", "On Banks and Banking Activities" and a number of other documents.
According to the amendments to the Law on the Central Bank, the regulator is given the authority to approve Islamic finance standards for credit institutions, as well as to issue, renew and revoke licenses for Islamic banking activities.
Banks that have received such a license will be able to simultaneously conduct both traditional banking operations and operations in the field of Islamic finance.
It also provides for the establishment of the Council on Islamic Finance at the Central Bank. The collegial body will consist of five members and will coordinate the Islamic financial activities of entities supervised by the regulator. The powers, legal status, and requirements for board members will be determined by the Central Bank's board.
The Council for Islamic Finance will develop standards for Islamic finance, participate in the preparation of regulatory legal acts, provide explanations on controversial issues and issue opinions on disputes related to Islamic financial activities.
The amendments to the Law "On Banks and Banking Activities" establish that the general rules of banking operations may apply to banks engaged in Islamic banking activities - opening and maintaining accounts, making payments, attracting deposits and providing loans.
Islamic banks are allowed to conduct direct trading activities, as well as create legal entities and acquire shares or shares in their authorized funds without restrictions.
The Bank's Islamic financial operations include:
financing the client or attracting funds to investment deposits on profit-sharing terms (muzaraba);
provision or attraction of funds through an agency agreement (vacala);
financing through the sale of goods in installments (murabaha);
financing through prepayment for goods (salaam);
financing through joint activities (partnership) or participation in the authorized capital of legal entities (musharaka);
provision of property for Islamic rent (ijara) with the right of redemption.
The changes also affect microfinance organizations. The Tax Code sets out in a separate chapter the specifics of taxation of Islamic financial transactions.
The document has been published in the National Database of Legislation in the official language and will enter into force on 06/29/2026, Norma reports.
