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Latest News

07.02.2017

GCC VAT a test for Islamic Finance- Fitch


30.01.2017

Goldmoney adds Shariah-compliant methods to boost investment from Islamic markets


31.03.2016

Path Solutions joins CIBAFI, the world renown General Council for Islamic Banks and Financial Institutions


28.03.2016

"Kazakhstan Islamic Finance 2016: a new frontier for Islamic finance" country report


19.02.2016

Azerbaijan looks to new Islamic bank as sector rules progress


15.01.2016

Linar Yakupov received an award for his contribution to the development of Islamic finance industry in Russia


14.12.2015

The 2nd International winter school of Islamic law and economics has started in Kazan


09.12.2015

Russian financial experts are exploring options to launch Islamic Banking


IBFD Fund

Recent Comments

22.06.2016

Islamic banking will be most relevant to SME sector: Zafar Sareshwala

Interview with director and head of Islamic Corporation for Development's (ICD) India operations.

25.11.2015

Islamic Develop Bank calls for new Islamic microfinance structures

As the Shariah-compliant Islamic finance sector booms in the GCC region, the President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, asked experts in the field to develop new Islamic microfinance structures.

14.09.2015

Dubai Silicon Oasis Authority and Thomson Reuters Reveal Key Findings of Digital Islamic Economy Report 2015

Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters, with support from the Dubai Islamic Economy Development Centre (DIEDC) released the 'Digital Islamic Economy Report' for 2015, in collaboration with DinarStandard.

Central Bank of Russia explores the subject of Islamic banking regulation

27.11.2014

Elvira Nabiullina, the chairman of Central Bank of Russia, had stated about that in the Federation Council.
Central Bank of Russia explores the subject of Islamic banking regulation
Elvira Nabiullina, the chairman of Central Bank of Russia, had stated about that in the Federation Council.
“Regarding to Islamic banking, special regulation were required by representatives of banks. We are dealing with this issue” - she mentioned.

Previously, Association of Russian Banks (ARB) offered to make a different license for Islamic banking. Russian banks note the rising demand for Islamic financial tools.

Islamic banking is alternative to conventional banking system and it represents entrepreneurship which functions on a base of Islamic economic fundamentals. The main feature of the products designed according to requests of Muslims is avoidance of elements which is forbidden by Islam and rules and regulations of Muslim’s life – Shariah.

It refers to interest rate and usury (riba), undue risks (garar) and uncertainty (maisir) prohibition. Also, according to Shariah following activities are prohibited: investment and gaining of income from producing and marketing of pork, alcohol, weapons and “sordid feelings” industry – prostitution, pornography and gambling.

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Malaysia's fast-growing Islamic finance sector benefits not only the Muslim world but also non-Muslim countries, said former Prime Minister Tun Abdullah Ahmad Badawi.

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