The Bank of Russia is discussing options to make Islamic banking permanent, with two approaches under consideration, Deputy Governor Alexey Guznov told Izvestia.
One option is to make the current experimental law permanent; the other is to identify the most in-demand Islamic banking services and fold their regulation into existing laws.
The Central Bank views the second approach as more promising, as it would account for the specifics of partnership financing while keeping unified regulatory principles.
According to Guznov, the format discussions will conclude soon, after which a bill will be drafted.
The experiment has been running since September 2023 in several regions with large Muslim populations, and the State Duma has extended it until autumn 2028.
