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Russia Set To Launch First Islamic Banking Program

Moscow: On September 1st, Russia is initiating Islamic banking for the first time as part of a two-year pilot program.

According to international media reports, on August 4th, Russian President Vladimir Putin signed a law that included assessing the feasibility of Islamic banking.

According to reports, this pilot program will begin in four Muslim-majority regions and, if successful, there is a plan to introduce it in other parts as well. According to foreign media, there are around 2.5 million Muslims in Russia.

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