Islamic banking may be introduced in Russia by late winter

Russian banks may start providing financial products based on the principles of Islamic banking as early as February 2023, Chairman of the State Duma Committee on the financial market Anatoly Aksakov told Izvestia.

He stressed that the State Duma will adopt a bill on Islamic banking in the second and third readings in January, so it could be launched in February. Bashkiria, Dagestan, Tatarstan and Chechnya will take part in the pilot project.

The Central Bank supports the draft law on conducting such an experiment.