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First Islamic Bank to Open in Russia's Kazan

Islamic banks are becoming increasingly popular world wide - and not just with Muslims

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This post first appeared on Russia Insider


The Partnership Banking Center, the first financial institution in Russia to operate according to "Islamic banking" principles, is scheduled to open in Russia's city of Kazan this month.

Sometimes called the "third capital of Russia", Kazan is the capital of Russia's Tatarstan Republic, a region rich in oil deposits and historically Musilm. 

So called Islamic banks operate using various methods of lending money without directly charging interest to clients. Charging interest, or usury, is forbbiden in Islam. 

The trend is also catching on in many non-Muslim countries. There are currently over 300 Islamic banks operating in 51 countries, including the United States, United Kingdom, and other European countries. 

The Partnership Banking Center will service both personal and corporate clients, and in partnership with the Islamic Development Bank, will aim to attact more Islamic investment to Russia. 


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