Islamic banking has made history in Russia, and the new system will go into effect on September 1st.
The World News Agency reported that the Muslim community was ecstatic over the introduction of the Islamic banking system and expressed their gratitude to President Vladimir Putin.
Recall that on August 4, 2018, President Vladimir Putin signed the Islamic Banking Law.
In Russia, there were already a few Islamic financial organizations in operation, but this is the first time that Islamic banking has been introduced formally.
Islamic banking will first be implemented in the Muslim-majority Tatarstan, Bashkortostan, Chechnya, and Dagestan; if the program is successful, it will then be implemented throughout the rest of the nation.