RUSSIA - Russian expands Islamic Finance

www.businessislamica.com - Eurasian Development Bank, a Russian-led lender backed by six former Soviet republics, wants to expand Sharia-compliant financing, Chief Executive Officer Igor Finogenov said.

“Islamic finance is an opportunity for us to enter new credit markets,” Finogenov told reporters in Moscow recently. “We hope it will allow us to diversify our liability base.” (source)