IslamicFinance.de

Two Islamic banks, Al Baraka and Al Shamal, are currently in talks with Russian credit organizations to enter their capital market. Both banks have been interested in the Russian market but had trouble trying to enter it independently due to a lack of regulations that let organizations work with Islamic banks and abide by their rules in Russia. The main sphere of their interests is corporate financing. First Vice President of Al Baraka bank Khalid Qattan confirmed in a comment that his institution was currently holding negotiations with several Russian banks, with no final agreements reached yet.