Russia to Establish Its First Islamic Bank

DID Press: A senior Russian lawmaker announced the launch of talks to establish the country’s first Islamic bank, a process reportedly supported by the Central Bank of Russia.

Anatoly Aksakov, Secretary of the State Duma’s Financial Markets Committee, said discussions on creating an Islamic bank are progressing seriously. He made the remarks during a roundtable marking the opening of the representative office of the Accounting and Auditing Organization for Islamic Financial Institutions in Kazan.

According to Aksakov, Russian authorities are closely cooperating with companies and organizations representing the country’s Muslim population, and the bank’s establishment is expected to be completed by next year. He also noted that the Central Bank of Russia has expressed its support for the initiative.