IslamicFinance.de

Vnesheconombank, Sberbank and Tatfondbank are going to take part in the 23rdWorld Islamic Banking Conference in Bahrain from 5 to 7 of December 2016. The three banks are working on launching Islamic finance products to get access to the investors from the Gulf countries and Southeast Asia. According to Linar Yakupov, head of the Association of Regional Investment Agencies of the Russian Federation, there is growing interest from other 20 Russian banks. However, the current legislation system of Russia complicates the progress. It forbids banks from engaging in commercial activities, so they can operate only a limited range of assets.