Russia looking at banking the Islamic way
As Russia's 20 million Muslims observe Ramadan, the country's banks are beginning to wake up to the growing opportunities offered by Islamic banking. Last summer VTB Capital opened an office in Dubai. The bank also plans to launch other Islamic projects, investing in Russian property together with the Sultan of Oman's State General Reserve Fund. However, there are still major obstacles to developing Islamic finance, including a lack of banking legislation that meets Islamic rules.
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