An Islamic bank may be established in Russia. The issue is currently at the discussion stage.

Axar.az reports that this was stated by Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, during a speech in Kazan.

“We are actively working on the creation of an Islamic bank in Russia. We are cooperating with business representatives, including those representing the country’s Muslim population,” the lawmaker said.

According to him, the Russian side and Arab countries are holding talks on the establishment of such a bank.

The member of parliament also noted that he expects this work to be completed next year.

It should be noted that on September 15, Chechen leader Ramzan Kadyrov said he was one of the initiators of the development of Islamic banking in Russia. He believes that Islamic banking will gain broad support in the country