Russia is launching Islamic banking for the first time as part of a two-year pilot programme on September 1.
With a sizeable Muslim population estimated to be up to 25 million, Islamic financial institutions have existed in Russia until now, but this is the first time the country’s legislation has officially endorsed its launch.
On August 4, Russian President Vladimir Putin signed a law introducing Islamic banking to assess its “feasibility”.
The pilot programme will take place in four Muslim-majority republics – Tatarstan, Bashkortostan, Chechnya and Dagestan, areas that already have the most experience in Islamic finance.
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