A Russian official announced that Russia may adopt ‘Islamic Banking’ next month. At the 17th International Economic Forum in Russia, the Islamic World: KazanForum, Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, announced the possibility of adopting the first Islamic banking standard within a month.
Speaking at the forum, Aksakov emphasized that experts need to finalize a number of issues in collaboration with the Central Bank and market participants within the framework of a specialized association. According to Reuters, Russian authorities are seeking to formalize the rules for partner financing to attract investment from Muslim countries.
Earlier, the State Duma identified eight key development areas based on the international requirements of AAOIFI, an organization that certifies Islamic financial institutions. Islamic banking requires operations to be conducted in accordance with Sharia law, which includes a strict prohibition on interest payments, highly uncertain transactions, and the financing of certain sectors, such as gambling, alcohol, tobacco, and pork production.
Instead of traditional loans, mechanisms such as installment plans, leasing, and equity financing are being offered. A pilot project to implement these standards began in September 2023 in Tatarstan, Bashkortostan, Dagestan, and Chechnya. In July 2025, the State Duma decided to extend this pilot project until September 1, 2028.
According to the news agency, current initiatives to introduce Islamic banking are part of a long-term strategy to diversify the financial sector.