Russia has embarked on a groundbreaking two-year pilot program introducing Islamic banking for the first time, aiming to explore the feasibility of this financial system. The initiative, which began on September 1, has sparked debate and concerns, both domestically and internationally, over its implications.
Despite the presence of Islamic financial institutions within Russia, this marks the first time the country’s legislation officially supports such a venture. The decision follows the signing of a law by Russian President Vladimir Putin on August 4, signaling the government’s commitment to assessing the viability of Islamic banking.
The pilot program will be implemented in four regions with substantial Muslim populations: Tatarstan, Bashkortostan, Chechnya, and Dagestan. These areas have already amassed significant experience in the realm of Islamic finance, making them suitable candidates for the trial. Success in these regions could pave the way for expanding Islamic banking regulations across the […]
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