IslamicFinance.de

The 9th international economic summit is taking place in Tatarstan, Russia. The plenary session was dedicated to the discussion of partnership financing to develop relations between Russia and Organisations of Islamic Cooperation (OIC). Islamic Finance World Leader Ashruff Jamal was the moderator of the plenary session. Tatarstan's President Rustam Minnikhanov said Tatarstan was making its first steps in Islamic banking. One year ago Deputy Chairman of the Federation Council Evgeny Bushmin claimed the Bank of Russia and legislation were not ready to spread Islamic banking. In answer to that, Sberbank Deputy Chairman Oleg Ganeyev replied many questions are arising while implementing Islamic banking, but it is possible to work even within the acting Russian legislation. Vnesheconombank (VEB) Chairman Sergey Gorkov announced the appearance of VEB bank offices in Abu Dhabi, Iran and Bahrein.

Work on the feasibility study on the sukuk origination is set to start this month, after the President Rustam Minnikhanov of the Russian republic of Tatarstan has visited Malaysia in December and the signing of a memorandum of understanding (MoU) in Kuala Lumpur between the Tatarstan government, the local IFC Linova, Malaysia's Amanah Raya Berhad Group and Kuwait Finance House Malaysia (KFH Malaysia).