The Islamic banking experiment in Russia has been extended until September 2028

The State Duma has decided to extend Islamic banking in Bashkortostan, Dagestan, Tatarstan and Chechnya, as well as to develop standards in this area.

The Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov believes that the development of partnership financing will attract additional investments from Islamic countries and expand international economic cooperation. New standards will be developed by a special committee created by the largest participants in the experiment - credit institutions.

Islamic banking involves compliance with the religious rules of Sharia. It prohibits investing money in alcohol, gambling and certain types of meat. Financial institutions will not be able to set a fee in the form of an interest rate when making transactions.

Последние новости
CSTO Secretary General Urges Armenia to Decide on Participation in the Organization Within a
Politics
CSTO Secretary General Urges Armenia to Decide on Participation in the Organization Within a "Reasonable Timeframe"
16 August 2026

It is time for Armenia to decide how it will participate in the Collective Security Treaty Organization (CSTO), stated the organization's Secretary General, Taalatbek Masadykov. According to him, the issue needs to be resolved "within a reasonable timeframe."

New car sales in Russia’s North Caucasus fall by 21%
Economy
New car sales in Russia’s North Caucasus fall by 21%
15 August 2026

New car sales across Russia’s North Caucasus fell by 21% in July compared with the same month last year. The sharpest decline was recorded in Dagestan, where the new-car market nearly halved over the year.

Queues at Verkhny Lars border crossing emerge amid rumours of a new mobilisation in Russia
Society
Queues at Verkhny Lars border crossing emerge amid rumours of a new mobilisation in Russia
15 August 2026

Queues remain at the Russian-Georgian border following temporary restrictions on traffic through the Verkhny Lars crossing. The situation has drawn additional attention amid rumours circulating in Russia about a possible new mobilisation, recalling the autumn of 2022, when large numbers of men eligible for military service left the country through the crossing. There is no official evidence linking the current restrictions to any mobilisation measures.

Less than a third of flood victims in Dagestan have received compensation
Society
Less than a third of flood victims in Dagestan have received compensation
15 August 2026

In Dagestan, 82,000 people have received compensation following the devastating spring floods — less than 30% of the residents who applied for assistance. In neighbouring Chechnya, authorities have reported paying out 726 million roubles to those affected.