MOSCOW, May 14. /TASS/. The first Islamic banking standard may appear within a month, Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov said at the Russia - Islamic World: KazanForum.
"Questions are arising, so we still need to refine everything within the association together with the Central Bank and the market, but I expect that we will complete all of this within a month and the first standard will appear," he said.
Aksakov noted that the State Duma had identified the basic areas for the development of Islamic banking. "We identified the core areas that should develop in this direction. We also worked with those who have long been cooperating with AAOIFI (the Accounting and Auditing Organization for Islamic Financial Institutions – TASS), an international organization that effectively certifies participation in this market, and determined that the eight areas actively developing there should also be actively implemented in our country," he said.
Islamic banking implies conducting banking activities in accordance with Sharia law. In particular, it prohibits the payment of interest (riba) and interest-based transactions derived from it, transactions involving uncertainty (gharar), as well as financing certain sectors of the economy, including gambling, pork production, alcohol products, tobacco, weapons, and ammunition. Common Islamic banking operations include installment payments, leasing and equity financing.
An experiment on introducing partnership financing under Islamic principles has been in effect since September 1, 2023, in Tatarstan, as well as in Bashkiria, Dagestan and Chechnya. In July 2025, the State Duma passed in the second and third readings a law extending the experiment in Russia until September 1, 2028.
The 17th International Economic Forum Russia - Islamic World: KazanForum is being held in Kazan from May 12 to 17. TASS is the event’s general information partner.