An Islamic bank could be established in Russia by 2026, according to Anatoly Aksakov, the head of the State Duma Committee on Financial Markets. Aksakov stated that efforts are currently underway to create the bank, with collaboration from business representatives, including individuals who represent the Islamic population in the country.
Aksakov"s comments highlight ongoing initiatives to enhance financial services catering to the Islamic community in Russia. The establishment of such a bank would mark a significant development in the country"s financial landscape.
For further context, the Central Bank of Russia is set to halve foreign currency sales in 2026, as previously reported. This move may have implications for the broader economic environment in which the Islamic bank will operate.
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