IslamicFinance.de

In 2009 and 2010, one survey found that 97 percent of people in Russia who were mainly Muslim or from an Islamic background were interested in using an Islamic bank. Of that 97 percent, 40 reside in Moscow. Though not formally allowed to be practiced in America or Russia, it's still growing at an annual rate of around 15 to 20 percent. However, there are still a few roadblocks to clear before Islamic finance can achieve its true potential in Russia. Islamic banking regulations and laws have to be introduced, then job creation, investment diversification, and foreign investment could serve to give the Russian economy a boost.