Russia Seeks Shariah Banking Funds to Counter Sanctions

Russia plans to open its first Islamic bank this year, seeking to attract Shariah-complaint funds as international sanctions push the economy toward a recession.

The State Duma, the lower house of parliament, may review the law to allow Islamic banking in the next two months, said Anatoly Aksakov, a deputy in the assembly and president of the Association of Regional Banks of Russia. The goal is to establish a legislative framework in the second half of the year, he said.