Russia is launching Islamic banking for the first time as part of a 2-year pilot program on September 1.
According to foreign media, on August 4, Russian President Vladimir Putin signed a law that included a review of the feasibility of Islamic banking.
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According to reports, this pilot program will start in 4 Muslim-majority areas and if successful, there are plans to introduce it in other countries as well.
According to foreign media, there are up to two and a half million Muslims in Russia.
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