Russia
Plans to Launch Islamic Bank Amid Growing Muslim Population

Anatoly Aksakov,
Chairman of the Financial Markets Committee of the Russian State Duma, has
revealed efforts to establish an Islamic bank in Russia.

He made the
announcement during an event held on Friday in Kazan, the capital of the
Republic of Tatarstan.

Aksakov explained
that consultations are underway with business leaders and representatives of
the Muslim community in Russia regarding the bank’s establishment.

He stated, “We are
working diligently to establish an Islamic bank in Russia, and we are also
holding talks with Arab countries to set it up.”

Islamic banking
services are gaining popularity in Russia, with projections indicating that
Muslims could constitute about 30% of the country’s total population by 2033.

Pilot operations of
Islamic banking have already begun in some of Russia’s Muslim-majority regions,
including Tatarstan, Chechnya, and Dagestan, as of early September 2023.

(Source: Agencies)

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