Russian government working to establish Islamic bank, official says

Government in discussions with business leaders, Muslim representatives in Russia, Arab countries, head of Financial Markets Committee of State Duma

By Emre Gurkan Abay and Mucahithan Avcioglu

MOSCOW (AA) - The Russian government is working to establish an Islamic bank in the country, the head of the Financial Markets Committee of the State Duma, lower house of the Russian parliament, announced Friday.

Anatoly Aksakov made the remarks at an event in Kazan, the capital of the Russian Republic of Tatarstan.

He said that they are consulting with business leaders and Muslim representatives in Russia regarding the establishment of an Islamic bank, adding: "We are also in discussions with Arab countries to establish such a bank."

With the Muslim population in Russia expected to reach 30% by 2033, Islamic banking is gaining popularity.

Experimental operations for Islamic banking in some regions of Russia, such as Tatarstan, Chechnya, and Dagestan, began on Sept. 1, 2023.

Kaynak: