Financial safety

Russia may get access to Islamic capital markets

The idea of Islamic banking as a financing mechanism was first raised in earnest at the federal level a year ago, after Western sanctions closed Russia’s access to the European and American capital markets. 

Linar Yakupov, president of the Foundation for the Development of Islamic Business and Finance points out that for the general public in Russia, the very notion of “Islamic finance” is misunderstood and associated with political and religious ideas.

However, it is no more than a set of financial instruments little related to the religion itself. The heads of Islamic banks and other financial institutions are often not Muslims, just like a large number of their clients.