Islamic finance in Russia is a quietly growing industry with an impending sovereign Sukuk announced and a noteworthy Murabahah Islamic financing facility secured by AK BARS Bank. Rebecca Simmonds investigates the country’s developing Islamic finance industry.
Legal and regulatory
There have been no legislative changes affecting Islamic finance in Russia over the last six months, with providers of Islamic financial products operating within the country’s existing regulations. However the main financial regulator, the Central Bank of Russia, has made recent enquires with financial institutions in the country currently offering Islamic finance products regarding their facilitation and implementation under the existing legislation.