RUSSIA - Market Emerging for Islamic Finance

Vladimir Baranov / Sanoma Independent Media

 

Gazprombank has been researching and developing Islamic finance tools for several years, director of the bank's structured and syndicated finance department Alexander Kazakov said.

Islamic finance may debut this year in the Tatarstan republic in the form of sukuk, or  bonds that, in accordance with Islamic law, do not charge interest, experts said at a World Islamic Economic Forum round-table discussion Wednesday.

"Russia is ready for sukuk," director of the Gazprombank structured and syndicated finance department Alexander Kazakov said. "They can make Russia a lot of money. A trillion dollars."(full story)