Entries in English and Malay (Bahasa Melayu)

Wednesday, 22 February 2012

Russian-Led Development Bank Plans to Expand Islamic Financing

MOSCOW, 29 Rabi al-Awwal/22 Feb.(IINA)-Eurasian Development Bank, a Russian-led lender backed by six former Soviet republics, wants to expand Sharia-compliant financing, Chief Executive Officer Igor Finogenov said.
“Islamic finance is an opportunity for us to enter new credit markets,” Finogenov told reporters in Moscow recently. “We hope it will allow us to diversify our liability base.”
The bank is looking to boost lending that complies with Islam’s ban on interest after serving as mandated lead arranger for a $60 million syndicated Murabaha facility for Kazan, Russia-based AK Bars Bank in September. The Almaty-based development bank was founded by Russia and Kazakhstan in 2006 and also includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan.
“We’re a Eurasian bank, and many of our member countries are in areas that are traditionally close to Islamic culture,” Finogenov said. That raises “the possibility of finding projects that meet the criteria required for Islamic finance.”
(IINA,  22 Feb2012)

Alfalah Consulting - Kuala Lumpur:
Islamic Investment Malaysia:

No comments:

Post a Comment

Latest Posts

Upcoming Events on Islamic Finance, Wealth Management, Business, Management, Motivational

Alfalah Consulting's facebook