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Russia plans to open its first Islamic bank this year, seeking to attract Shariah-complaint funds as international sanctions push the economy toward a recession.The State Duma, the lower house of parliament, may review the law to allow Islamic banking in the next two months, said Anatoly Aksakov, a deputy in the assembly and president of the Association of Regional Banks of Russia. Russia aims to attract "tens of billions of dollars," including Shariah-compliant funds, to finance government-backed projects such as railroads and domestic manufacturing, he said.Russia isn't the first Muslim-minority country to venture into Islamic finance.About 15 percent of Russia's 142 million people are Muslim, U.S. government data show.Growth slowed to 0.6 percent last year from 1.3 percent in 2013 as the ruble slumped 46 percent and oil tumbled almost 50 percent.
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