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Islamic Finance Briefing - Categorized | Emerging Trends, Finance more

Tatarstan Islamic finance hub ambitions boosted

Posted on 15 September 2011

Rustam Minnikhanov

Russian republic Tatarstan’s ambition to develop a Sharia-compliant market received a boost this week when the Kazan-based AK Bars Bank became the first Tatar credit to secure a murabaha loan.
It was also the first international loan facility compliant with Sharia canons for a Russian bank. Earlier this year Tatarstan announced an Islamic finance initiative to promote the sector, and the Ba1/NR/BBB- rated Muslim-majority republic backed this up with plans to tap the Sharia-compliant market with sukuk paper……………………………………….Full Article: Source

 
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