Russia is working toward opening an Islamic bank for public services in 2026, according to Anatoly Aksakov, head of the State Duma Committee on Financial Market and chairman of Council of Association of Banks of Russia. He shared the update during remarks at the Accounting and Auditing Organization for Islamic Financial Institutions Centre 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 Shari’ah 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, growing Muslim population. Several regions hold Muslim majorities.