Russia has also formally approved the introduction of Islamic banking by legislation.


Moscow: Russia is going to start Islamic banking at state level for the first time in its history.
According to Arab media reports, there were Islamic financial institutes in Russia—a country with a population of about 2.5 million Muslims—but for the first time, Islamic banking is going to be formally started at the government level.
On August 4, 2023, Russian President Vladimir Putin signed a memorandum to introduce the Islamic banking system in the country.
According to reports, Islamic banking is starting in Russia from today (Friday). Under the pilot program, the duration of Islamic banking will be two years for now.
The reports also told that Islamic banking will initially be implemented in Tatarstan, Bashkortostan, Chechnya and Dagestan.
Russia has also formally approved the introduction of Islamic banking by legislation.
Difference between Islamic and conventional banking
The most basic difference between Islamic banking and conventional banking is that Islamic banking is governed by the laws laid down in the Sharia in which interest rates are not paid on the money deposited in the bank as provided in conventional banking.
Apart from this, the rate of profit and loss is based on partnership in Islamic banking. While in conventional banking, the profit is provided to the customer in the form of interest rate in every case.
In addition, Islamic banking does not provide support for harmful factors such as alcohol, tobacco and gambling.

Meta unveils new LLaMA 4 AI models with enhanced capabilities
- 2 hours ago

Fatal shooting of pregnant woman in Karachi takes new turn as husband arrested
- 3 hours ago
Punjab police personnel arrested in honey trap kidnapping scheme
- 38 minutes ago
UK’s Labour MP Dan Norris faces arrest over sexual offenses
- an hour ago

Harper, projected No. 2 pick, declares for draft
- 11 hours ago
Man arrested for stealing ex-girlfriend’s pet chicken in Washington
- 2 hours ago

Artificial glaciers revolutionize water supply in Gilgit Baltistan
- 2 hours ago

6.9 magnitude earthquake strikes off Papua New Guinea coast
- 19 hours ago
Saba Qamar celebrates 41st birthday with peaceful poolside celebration
- 2 hours ago

Making sense of it all
- an hour ago

Building stronger US-Pakistan ties through Minerals Investment Forum
- an hour ago

US official to visit Islamabad to boost investment in Pakistan’s minerals sector
- 2 hours ago