It is quite a revolution for Orthodox finance in Russia as a group of businessmen is working on the creation of the Orthodox Bank and Fund Investments.
The Bank will be opened after its potential founders gather the minimum sufficient capital in the amount of 400 million rubles. The creators of the bank will own equal shares of 10 percent.
The organization will apply a conservative policy and will focus on the implementation of the orders of its customers to save their monney. The Bank will be not engaged in investing in risky projects and provide loans for speculative activity. The investment fund will invest in the real economy.
Archpriest Vsevolod Chaplin welcomed the project. According to him, in the current situation it is necessary to abandon the mechanisms based on usury.
If the idea of an “Orthodox finance” is inherently spiritual, the political ambition is to build an independent banking and financial system from Western institutions to get a more stable and sovereign financial system.