Russia’s Muslim population is projected to approach nearly 30 percent of the country’s total population by 2033, according to demographic estimates cited by officials. This population shift has coincided with increased attention to Islamic, or participation-based, banking, which operates in line with Islamic financial principles.

Anatoliy Aksakov, head of the State Duma’s Financial Markets Committee, said authorities are actively working toward establishing an Islamic bank in Russia. He stated that discussions have taken place with domestic business groups as well as with partners from Arab countries as part of these efforts.

Russia has already launched experimental applications of Islamic finance in several regions since 2023. Officials have said these pilot initiatives are intended to assess demand and develop regulatory frameworks suited to participation-based financial products.