Tag: Islamic banking in Russia

By Muslim Mirror Desk In four of its primarily Muslim eastern regions—Chechnya, Dagestan, Bashkortostan, and Tatarstan—Russia is moving toward implementing Islamic banking practises. In the Russian State Duma, a new bill intended to promote Islamic finance in Russia has already been accepted. This area will develop thanks to the so-called partnership financing organisations. The Bank of Russia, which will control the market and maintain a registry of companies, will do so. Middle East Monitor (MEMO), a Qatari non-profit media outlet, explained in a July article that this shift toward Islamic banking, which...