Hoping to attract Arab capital, Russia will take its first step into the world of Islamic finance in June by issuing sukuk, Islamic bonds which comply with Muslim religious rules. The bonds are to be issued by the majority Muslim Russian republic of Tatarstan in the Volga region, which has embarked on an ambitious drive to attract foreign investment.
“Russia will show that it can be interesting for Muslim countries,” one of the project’s backers, Linar Yakupov said……………………………………….Full Article: Source