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GCC VAT a test for Islamic Finance- Fitch


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


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


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


Azerbaijan looks to new Islamic bank as sector rules progress


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


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


Russian financial experts are exploring options to launch Islamic Banking


Recent Comments


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.


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.


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.

Islamic banking in Russia may ease effect of sanctions – head of Sberbank


Herman Gref, the head of Russia’s largest bank Sberbank, welcomed the introduction of Islamic banking in the country’s traditionally Muslim regions, saying it would help attract capital from Arab countries.
Islamic banking in Russia may ease effect of sanctions – head of Sberbank
"We will actively promote the development of such a tool as Islamic banking, as it opens up a good opportunity to work with international partners amid sanctions," said Gref on Friday at a shareholders meeting.

"In circumstances where we have problems with raising funds on the international markets, it is a very important thing," he said, adding that he had recently held a series of meetings in the Republic of Tatarstan with Arab investors.

Tatarstan is a key Russian region where the idea of Islamic banking is being actively developed. Investors from the Gulf States are ready to inject huge funds in the development of such an alternative financial system in Russia, given a significant demand from the Muslim population.

The rapid growth of the Muslim population in Russia contributes to a sharp increase in demand for Islamic banking tools expected in the coming years, said Samir Tagiyev, manager for business development in the CIS and Europe, the Islamic Corporation for the Development of the Private Sector (ICD), quoted by Vesti Finance.

The Islamic financial system has the same tools as the conventional one, but the percentage basis is replaced with the provision of shares in the company, and, hence, income. This means the bank shares all the risks with its borrower. Therefore, lending under Islamic banking is purpose-oriented.

Usury or any other activity that involves receiving interest income is unacceptable in Islam. Financial transactions should be based on a real trade or business and should not be connected with activities prohibited by Sharia law, such as gambling or alcohol.

The Russian government has to elaborate a legal framework that will integrate Islamic banking into Russia's financial system. If this is done, the volume of Islamic financial assets not only in Russia, but also the countries of Central Asia, could reach $24 billion as early as 2018, according to Vesti Finance.

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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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