#Islamic #Banking Could Be Coming to the North Caucasus

The recently established International Islamic Business Association (IAIB) has announced plans to develop halal businesses and open offices throughout the region. However, changes in Russian legislation are needed to attract investment from Muslim countries. The IAIB was launched in the assembly hall of the Golden Ring hotel in Moscow on 16 February. One of the founders of IAIB, Samir Huseynov, said that lobbying to change Russian legislation and to create favorable conditions for Islamic banks is one of the main goals of IAIB. In contrast, former Russian Vice President Alexander Rutskoy, who took part in the launch event, said that he does not believe laws need to be changed to enable the operation of Islamic banks in Russia.

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