Russian Bank for Development and Foreign Economic Affairs can enter the Islamic finance market
The Head of Vnesheconombank (Bank for Development and Foreign Economic Affairs) Vladimir Dmitriev has informed that Russian state corporation is interested in Islamic finance.
This came as a result of USA an EU sanctions had blocked the access for western financing.
«We have a high demand for Islamic finance without reference of relations with European and American partners. We ought to build up relations with Islamic world», – mentioned Mr. Dmitriev.
At the present time the Head of Vnesheconombank visits Bahrein on Russian delegation, which is taking part in a meeting with business community of Arabian Gulf and ministers responsible for industry and trade. Vnesheconombank is going to look into the matter of the actual Islamic finance standards to get to market with finances according to Sharia.
Particularly, bank is interested in Islamic obligations (sukuk). But banking regulation of Russia needs some changes for sukuk issues.
In the near future Vnesheconombank sends on mission into the region its staff members to study Islamic financial tools. Afterwards the Bank for Development and Foreign Economic Affairs will offer corresponding legislation amendments to Central Bank of Russia. Mr. Dmitriev marked that Russian banking law should have been adapted for particular characteristics of finances, according to ethical principles. In the opinion of the Head of the Bank one year is an appropriate amount of time to local financial market research.
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