After the war with Ukraine, Islamic banking came to the fore in Russia's search for a new path, whose relations with the Western capital deteriorated. Russia aims to spread Islamic banking throughout the country and to receive funds from the Islamic geography. While the Russian Ministry of Finance and the Central Bank worked jointly on the financial implementation framework of Islamic banking, which was initiated after the Kremlin's decision, a special committee was formed in the Duma for the legal framework. Chechnya and Dagestan regions were selected for the pilot implementation of Islamic banking. Banks in these regions are planned to be established towards the end of the year.
ATTRACTING THE FINANCIAL SOURCES OF ASIAN, AFRICAN AND ISLAMIC COUNTRIES TO RUSSIA
Following the pilot implementations, the number of Islamic banking will be increased and expanded towards the middle of 2023. With the Islamic banking it plans to establish, Russia aims to expand a joint financing with Asian, African and Middle Eastern countries and to create new commercial and investment areas for the Russian economy.