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The demands for Islamic finances in Russia are estimated to 60 billion roubles
06.06.2014
There are 20 million Muslims in Russian Federation and 2% of them are interested with Islamic banking.
That was stated by Iskander Iskhakov, Islamic economy research executive of Institute of Economics, Management and Law at International trade forum. Event has taken place within KazanSummit, VI International economic summit of Russia and the OIC countries.
There are 20 million Muslims in Russian Federation and 2% of them are interested with Islamic banking. Most demanded products are housing and auto financing, small and medium enterprise financing.
Mr. Iskhakov mentioned the difficulties which Islamic finances faces in Russia, these are the absence of regulatory basis, laws of drawing up deposits as profit and loss, taxation sphere, which makes it possible not to assess VAT for Islamic dealings, absence of Islamic finances infrastructure (stock market, insurance) and lack of skilled specialists and sharia experts.
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