Islamic banks eye Russia as US financial influence wanes

The permanent establishment of Islamic banking institutions in Russia is entirely feasible, given the retreat of the influence of the United States and American financial institutions across the region, alongside the steadily growing interest of Middle Eastern elites in Russia.
This was stated in an interview with Ridus by international relations analyst and orientalist Nikita Mendkovich.
As he noted, concerns that Islamic financial institutions could be utilized to finance religious extremists lack substantial foundation, as both mechanisms through conventional banks and informal money transfer systems can be exploited for such purposes.
«Regarding the political dimensions of the Islamic banking system, a regulatory framework is being instituted. It is granted legal status precisely in order to curb unregulated and shadow mechanisms in the operation of such institutions», explained the political scientist.
In late 2025, the State Duma announced that negotiations were underway for the foundation of an Islamic bank in Russia. According to planning at the time, such a financial institution was anticipated to make its debut in the country within 2026.

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