An Islamic bank is expected to open in Russia by 2026

The issue of opening an Islamic bank in Russia has entered a serious stage. This was reported by Zamin.uz.

This project is planned to be launched by 2026. The Central Bank of Russia supports this initiative.

This was announced by Anatoly Aksakov, chairman of the State Duma's finance committee. According to Aksakov, the establishment of the bank is being carried out in cooperation with business representatives and the Muslim community.

He expressed these views during a roundtable held in Kazan. The event was organized on the occasion of the opening of a representative office of the Accounting and Auditing Organization for Islamic Financial Institutions.

According to information, Islamic banks have been tested experimentally in Russia since 2023 in Dagestan, Chechnya, Bashkortostan, and Tatarstan. Interest-free financial services and operations based on Sharia rules are being conducted in these regions.

Experts believe that if the experiment is successful, Islamic financial services may be introduced in other regions of Russia as well. In the summer of 2025, the trial period was extended until September 1, 2028, and the list of permitted financial operations was expanded.

According to Aksakov, if all processes proceed according to plan, the establishment of the Islamic bank will be fully completed by 2026. The interest-free banking model can create new opportunities not only for Muslims but also for other clients interested in alternative financial services.

Thus, a new direction is forming in the Russian financial system.