World Business News

A round up of the latest news for those doing business internationally

Islamic Finance in Russia

Zone(s): Russia ¦ Sector(s): Islamic Finance

[29 June 2014, The Moscow Times] By Alexey Eremenko, in Moscow: There are at least 10 million Muslims in Russia, but only four public organizations where they can invest and borrow in compliance with the Quran.Islamic finance is a fast-growing field worldwide, and proponents say it offers both ethical and practical benefits to the faithful and non-Muslims alike.

Russia, however, lags behind in the industry, analysts and Russian Islamic financiers interviewed by The Moscow Times agreed.Russian Muslims are slow to change their financial habits, while nonbelievers are plagued by a deep-rooted distrust of Islam — as are, to some extent, the financial authorities, who are in no hurry to adapt economic legislation to facilitate Islamic banking, analysts said.