Russian parliamentarian reveals efforts to establish Islamic bank in the country

The head of the Financial Markets Committee of the Russian State Duma (the first chamber of the parliament), Anatoly Aksakov, has revealed efforts to establish an Islamic bank in Russia.

This came in a speech during an event held in Kazan, the capital of the Republic of Tatarstan, the Russian Federation, on Friday.

Aksakov explained that they are consulting with business leaders and representatives of Muslims in Russia on the establishment of an Islamic bank.

“We’re working hard to establish an Islamic bank in Russia, and we are also in talks with Arab countries to establish it,” he said.

Islamic banking is gaining popularity in Russia, with projections that Muslims will make up more than 30% of Russia’s total population by 2033.

Pilot operations for Islamic banking began in some Muslim-majority regions of Russia, such as Tatarstan, Chechnya, and Dagestan, in early September 2023.