Russia begins negotiations for Islamic bank foundation
1 report, 1 independent
Updated Oct 6
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What happened
Negotiations began on October 6, 2026, for the foundation of an Islamic bank in Russia. This follows a late 2025 announcement by the State Duma that negotiations were underway. An international relations specialist stated that the establishment of Islamic banking is feasible due to the retreat of American financial influence and growing interest from Middle Eastern elites.
From bankingnews.gr
Why it matters
The specialist noted that a regulatory framework is being instituted to manage the operations of these institutions and curb unregulated mechanisms. The move is viewed as possible given the changing geopolitical landscape and the growing interest in the region.
From bankingnews.gr
Who's involved
- State DumaThe lower house of the Federal Assembly of Russia that announced the bank negotiations in late 2025
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The entities involved
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State Duma
lower house of Federal Assembly of Russia