Soon. Islamic banking in Russia

May 21, 2016, 7:46 am

The Bank intends to "Fneish ikunum Bank" Russian agreement with Islamic Development Bank by the end of may on Islamic banking services in Russia.

At a press conference on the development of Islamic banking in Russia, said Sergei gourcuff, Chairman of the Russian Bank, Friday May 20: "concerning cooperation with the Islamic Development Bank plan to sign an agreement this month, will help us with the Parliament, and the Russian Central Bank, the Bank of Sberbank to establish new cooperation platform".

He added: "obviously there's billions of dollars, but nobody can determine accurately," referring to the Islamic banking market in Russia.

The press conference came on the sidelines of the eighth international economic Kazan, Russia and Islamic countries, held in the city of Kazan, capital of the Russian Republic of Tatarstan.

Prior to that, declared Maxime bolitaif, first Deputy Chairman of Sberbank, Russia's largest banks, the Bank plans to begin offering Islamic banking services in the autumn in Russian Republic of Tatarstan, noting the importance of the development of banking business in Russia.

Moscow recently working on activating the principles of Islamic banking in Russia, where the Islamic finance sector is one of the fastest growing sectors in the world. This is a golden opportunity for the Islamic banking sector in the Russian market with a population of around 143 million people, of whom 20% Muslim.

Islamic banks are experiencing faster growth than traditional banks, where Muslims around the world invested 1.8 trillion dollars a year in the banking sector.

Saleh said, Undersecretary of the Ministry of economy in the U.A.E. State, on the sidelines of Kazan: "Islamic economy stable and growing Islamic banks grow faster than traditional banks, and this is important in increasing the number of Muslims in the world."

And the city of Kazan Summit ' Russia-Islamic world, 1500 participation annual representative for 35 States, including the U.A.E., Bahrain, Qatar and Kuwait.

The OIC is, founded in 1969 and headquartered in Jeddah, which was later renamed to Islam, the largest Islamic organization, with a membership of 57 Islamic countries constitutes a population of about 20% of the world's population and 70% of the energy sources and about 40% of raw materials.