In Russia, the issue of establishing the first Islamic bank has entered a serious stage. The project may be launched by 2026, and the initiative is also supported by the Central Bank. This was stated by Anatoly Aksakov.
According to him, the work on opening the bank is being carried out in cooperation with business representatives and the Muslim community. Aksakov made these remarks at a roundtable held in the city of Kazan. The event was organized on the occasion of the opening of a representative office of the Accounting and Auditing Organization for Islamic Financial Institutions.
Importantly, the initiative is also supported by the Central Bank of Russia. If all processes proceed according to plan, the establishment of the bank may be fully completed by 2026.
It is known that Islamic banking in Russia has been implemented on an experimental basis since 2023 in Dagestan, Chechnya, Bashkortostan, and Tatarstan. In these regions, interest-free financial services and operations based on Sharia principles are being tested in practice.
In the summer of 2025, the experiment was extended until September 1, 2028, and the list of permitted operations was expanded. According to experts, if the experiment proves successful, Islamic finance may later be introduced in other regions of Russia as well.
Overall, a new and unconventional direction is taking shape within Russia’s financial system. The interest-free banking model may open new opportunities not only for Muslims, but also for those interested in alternative financial services.
Read “Zamin” on Telegram!
Users of Меҳмон are not allowed to comment this publication.
