A historic step has been taken regarding Islamic banking in Russia, the new system will officially start from 1st September.
According to the World News Agency, a wave of happiness spread in the Muslim community for the implementation of the Islamic banking system and they thanked President Vladimir Putin.
It should be remembered that President Vladimir Putin signed the Islamic Banking Law on 4th August.
Some Islamic financial institutions were already operating in Russia, but now for the first time, Islamic banking has been launched at the official level.
Initially, Islamic banking will be introduced in the Muslim-majority regions of Tatarstan, Bashkortostan, Chechnya and Dagestan, and if the program proves successful, it will then be introduced across the country.
