IslamicFinance.de

Gasprombank is building support for Sukuk but Russian legislation is missing. Executives from Gazprombank have been collecting interest in South East Asia. It seems that Alexander Kazakov, director of structured and syndicated finance at the bank, is claiming up to five companies were interested in Sukuk issuance.
AmanahRaya is also working to establish Kaz Haj, a pilgrimage fund, along with Kazakhstan's Islamic asset management company, Fattah Finance.
On the other hand, Aznan Hasan, Associate Professor at the International Islamic University Malaysia, warns that Russia will need to address its legal framework before Shari’ah-compliant transactions can go ahead.

Although regulators lag behind in customizing laws for the industry, russian borrowers are pitching plans to sell the nation's first Islamic bonds.
Executives from Gazprombank are now in Southeast Asia to look for support for issuance by as many as five companies. The statement was given by Alexander Kazakov, director of structured and syndicated finance at the bank.