Russia Launches First Islamic Bank
TEHRAN (IQNA) – The first Islamic Bank in the Russian Federation was opened in the Republic of Tatarstan on Thursday.
According to Russiya al-Yawm website, it will provide Islamic banking services to individuals, companies and foreign investors.
Addressing a ceremony held to launch the bank, Tatarstan President Rustam Minnikhanov expressed confidence that the bank will help to attract investments to the republic.
The Republic of Tatarstan is a federal subject of Russia located in the Volga Federal District. Its capital is the city of Kazan.
Islam is currently the second most widely professed religion in the Russian Federation.
There are around 25 million Muslims in Russia today. By 2020, Muslims will account for one-fifth of the entire population.
