Russian legislators approve Islamic banking pilot

Two-year programme may attract foreign capital or appease restive minorities


The Russian parliament approved legislation allowing Islamic banking in four regions for a pilot period of two years, starting September 1.

The State Duma, the lower house of the parliament, passed a law it has been considering since last year, according to media reports.

The law establishes an “experimental legal regime” in four regions: Chechnya, Dagestan, Tatarstan and Bashkortostan. The government and the Bank of Russia can agree to extend the pilot to other regions.

“Participants in the

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