Russia Launches Islamic Banking Pilot Program

Russia Launches Islamic Banking Pilot Program

• Russia is set to embark on a historic journey by launching its first Islamic banking pilot program on September 1. With a considerable Muslim population of approximately 25 million, the move aims to tap into the potential of Islamic finance, which has already had a presence through institutions but lacked official recognition.
• President Vladimir Putin’s recent endorsement of the initiative signifies a significant step towards embracing Islamic banking principles in the country.

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Published date : 02 Sep 2023 05:35PM