Moscow: Russia is working toward opening an Islamic bank for public services in 2026, according to Anatoly Aksakov, head of the State Duma Committee on the Financial Market and chairman of the council of the Association of Banks of Russia. He shared the update during remarks at the Accounting and Auditing Organization for Islamic Financial Institutions Center in Kazan.
Aksakov said work is underway with business representatives, including enterprises linked to the country’s Islamic population. Talks are also in progress with Arab countries to establish the bank in Russia alongside a subsidiary institution in an Arab state. Preliminary discussions show support from the Central Bank of Russia. Officials view the project as a step toward expanding partnership financing across the country.
The partnership financing market in Russia carries an estimated value of ₽1 trillion, or about US$12.7 billion. Officials expect the planned institution to add momentum to this segment of finance, which operates on principles aligned with Sharia law.
Islamic finance follows ethical and asset based practices. The system avoids interest, excessive uncertainty, and gambling. Core features include profit and loss sharing, links to real economic activity, transparency, and social responsibility through Zakat. Money flows into productive ventures rather than interest based lending.
Russia holds a large and growing Muslim population. Estimates for 2025 place the figure near 20 million people, around 14 to 15 percent of the total population. Seasonal workers from Central Asia add around 10 million more. Planned worker intake from India and Pakistan points to further growth.
Several regions hold Muslim majorities. These include Chechnya, Dagestan, Ingushetia, Tatarstan, and Bashkortostan. The proposed bank aligns with demographic realities and expanding interest in Sharia compliant finance.
