Russia Considers Introducing Islamic Banking System in 4 Republics, Including Chechnya

The Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, announced a pilot project to introduce the Islamic banking system in the republics of Dagestan, Chechnya, Tatarstan, and Russian Bashkiria as a first step.

"We have long received many relevant requests from activists in Bashkiria, Tatarstan, Chechnya, and other republics of the North Caucasus," said the head of the State Duma Committee on Financial Markets - in a press statement today, Friday.

"These initiatives are gaining attention because some countries in the Middle East and Asia have shown their interest in investing in these Russian regions, but they have not made this investment for religious reasons," Aksakov added.

He noted that if the experiment succeeds after two years of testing, the project can be launched throughout Russia.

He explained that the initiative will attract entrepreneurs from the Middle East to invest in the Russian economy.