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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.

Russia’s Islamic finance ambitions get Malaysia’s support

Russia’s gravitation toward Islamic finance is gaining momentum as its economy continues to take a beating on the back of a strained relationship with the west; and the sanctions-slapped country is now closer to realizing its Islamic finance goals with industry heavyweight Malaysia lending support to the Federation.
Russia’s Islamic finance ambitions get Malaysia’s support
In the past six months, the government of Tatarstan has been working closely with Malaysian entities namely Universiti Tun Abdul Razak and IBFIM as well as Kazan-based Islamic Business and Finance Fund (IBFD Fund) to study the possibility of introducing Shariah compliant banking to the Republic. With the intent of using Tatarstan as the launchpad for widespread adoption of Islamic banking in the Federation, the Malaysian-Russian consortium this month sought comments from key authoritative Russian bodies including the central bank as well as veteran Malaysian Islamic finance figures on its preliminary findings.

Covering a wide range of topics including strategies to implement Islamic banking (both on a stand-alone and window basis) and Takaful as well as a detailed look on potential market demand and Islamic finance consumers, issues such as taxation, regulation, awareness and global practices were highlighted and discussed during the market feedback.

While Islamic financial activities in Russia have been in the main minimal and sporadic, these industry players are of the opinion that the country is now ready to embrace the Shariah compliant financial instruments and it is hoped that Tatarstan would be the springboard to enact regulatory changes to spur Islamic finance in Russia. Linar Yakupov, the president of the IBFD Fund, concurred adding that «the feasibility study would become a serious platform for the development of the Islamic finance industry in Russia».

Malaysian players aside, Arab nations are also keen to build stronger banking ties with Russia with Bahrain calling for the country to establish an Islamic bank in collaboration with Middle Eastern nations, according to state media.

The finalized version of the study would be presented at the IFN CIS & Russia Forum on the 9th December in Moscow, which is fully supported by Russian state authorities and leading global Islamic finance entities including the Islamic Corporation for the Development of the Private Sector.

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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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