14.04.2011 - Market emerging for Islamic finance
Islamic finance may debut this year in the Tatarstan republic in the form of sukuk, or bonds that, in accordance with Islamic law, do not charge interest. "Russia is ready for sukuk," director of the Gazprombank structured and syndicated finance department Alexander Kazakov said. "They can make Russia a lot of money. A trillion dollars." Gazprombank has been researching and developing Islamic finance tools for several years, Kazakov said. Structures for deals using sukuk are in place, but at this point more needs to be done to popularize the instrument..............................................Full Article: Source
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