Elvira Nabiullina

Elvira Nabiullina met the President of the Islamic Development bank in the Central Bank of Russia

Ahmed Mohammed Ali Al-Madani came for the visit with the head of Russian Central bank Elvira Nabiullina, being accompanied by the President of the Republic of Tatarstan Rustam Minnikhanov. The trip has been organized within the framework of the visit of the Islamic Development bank (IDB) head to the VII International Economic summit of Russia and OIC countries – KazanSummit 2015. During the meeting, Ahmed Mohammed Ali Al-Madani told about the history of the IDB and the principles of its operation. He noted that today Islamic banking is represented even in countries, where there is no Islam, for instance, in China.

Central Bank of Russia explores the subject of Islamic banking regulation

Elvira Nabiullina, the chairman of the Central Bank of Russia, stated in the Federation Council that they are exploring the subject of Islamic banking regulation. Previously, the Association of Russian Banks (ARB) offered to issue a different license for Islamic banking. Russian banks note the rising demand for Islamic financial tools.

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