First Published,May 19, 2026 Russia is to expand a pilot Islamic banking program as demand for Sharia-compliant financial products continues to grow, according to the country’s largest lender, Sber. Islamic banking follows Sharia principles that prohibit interest-based lending and speculative transactions. Instead, it relies on mechanisms such as leasing, installment sales, profit-sharing arrangements, and asset-backed financing. It also restricts financing for sectors such as gambling, alcohol, tobacco, and weapons production. Russia launched the pilot initiative in 2023 in four predominantly Muslim regions, including the Republic of Tatarstan, and later extended…
Russia To Expand Islamic Banking Services
