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Russia will launch its first Islamic banking programme as part of a two-year pilot programme on September 1. The pilot programme will take place in four Muslim-majority republics: Tatarstan, Bashkortostan, Chechnya, and Dagestan. Russia has a sizeable Muslim population, estimated to be up to 25 million. Here’s why Russia opted for Islamic banking amid war with Ukraine and a tussle with the West. Watch this video.
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