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)

RUSSIA - Russian-Led Development Bank Plans to Expand Islamic Financing

www.bloomberg.com - Eurasian Development Bank, a Russian-led lender backed by six former Soviet republics, wants to expand Shariah-compliant financing after helping arrange a deal last year, Chief Executive Officer Igor Finogenov said.

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

RUSSIA - The Akbars Bank debut Islamic Syndication

by Alberto Brugnoni - ASSAIF - On 17 December 2010, at 4.30 in the morning, I was standing outside my hotel in Kazan in the middle of a snowstorm waiting for Anatoly, my driver, to take me to the airport. I had to board the early flight heading back to Moscow's Sheremetyevo airport to catch my connection that would take me back to my much coveted wandering life as an Islamic finance consultant in the Middle East.  (source)

RUSSIA - TATARISTAN - Tatarstan Islamic finance hub ambitions boosted

LONDON, Sept 14 (IFR) - Russian republic Tatarstan's ambition to develop a Sharia-compliant market received a boost this week when the Kazan-based AK Bars Bank became the first Tatar credit to secure a murabaha loan.

It was also the first international loan facility compliant with Sharia canons for a Russian bank .

Earlier this year Tatarstan announced an Islamic finance initiative to promote the sector, and the Ba1/NR/BBB- rated Muslim-majority republic backed this up with plans to tap the Sharia-compliant market with sukuk paper. (source)

RUSSIA - AK BARS Bank closes $60 million Murabaha financing

CPIFINANCIAL.NET - AK BARS Bank has successfully closed the debut in CIS one-year syndicated Murabaha financing for the total amount of $60 million. Citi and the Islamic Corporation for the Development of the Private Sector (ICD) acted as exclusive Joint Lead Arrangers and Bookrunners (source)