Русский
An Islamic bank may open for services in Russia in 2026, according to Anatoly Aksakov, the head of the State Duma Committee on the Financial Market and chairman of the council of the Association of Banks of Russia. He stated that “We are now actively working on creating an Islamic bank in Russia. We are conducting work with representatives of business, including businesses that represent the Islamic population of our country.” He was speaking at the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Center in Kazan.
He added that “We are also conducting negotiations with Arab countries to create such a bank in Russia, and according to our plan, a subsidiary bank should also be created in one of the Arab countries. The Central Bank of Russia, according to preliminary negotiations, supports us in this regard, and accordingly, an institution will be created that will give an additional impulse to the development of partnership financing in Russia. The size of the partnership financing market is estimated at ₽1 trillion (US$12.7 billion).
The Accounting and Auditing Organization for Islamic Financial Institutions is a non-profit international organization that develops standards for Islamic finance.
Islamic finance principles, based on Sharia law, focus on ethical, fair, and asset-backed transactions, prohibiting interest (Riba), excessive uncertainty (Gharar), and gambling (Maysir). Key concepts include profit/loss sharing (risk-sharing), linking finance to real economic activities (trade/assets), transparency, and social responsibility (Zakat), ensuring money generates value through productive ventures, not just lending money for more money.
As of 2025, Russia’s Muslim population is estimated to be around 20 million, making up roughly 14-15% of the total population, with projections suggesting continued growth due to high birth rates in Muslim communities and migration. This makes Islam the second-largest religion in Russia and a significant demographic force in Russia’s future. These populations are additionally augmented by seasonal workers in Russia from Islamic Central Asia, adding a further 10 million, and could be further expanded with Russia’s planned worker intake from India and Pakistan.
Several regions of Russia are majority Muslim, including the North Caucasus—Chechnya, Dagestan, and Ingushetia—as well as the Volga Region—Tatarstan and Bashkortostan.
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