IslamicFinance.de

Geopolitical entanglements and new Cold War era tussles with the west, compounded by lower oil prices, have brought the Russian economy to its knees. Investment prospects for the Eurasian giant appear bleak, with credit ratings agencies Standard & Poor's and Moody's downgrading its economy to 'junk' status earlier this year. For support Russia is turning its attention to the Muslim populations of its various republics. Around 14 per cent of Russians follow Islam. However, the tradition of centralisation in the Russian Federation offered until now little room for the growth of Islamic finance. This, however, appears to be changing.