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Russia to close first deals to attract Islamic capital in the fall

26 May 2016

• 26 May 09:28

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Funds from Islamic banks will be used for infrastructure projects in the country, Sergei Gorkov, head of Vnesheconombank, said during the Kazan Summit on May 20. “The issue of investment in infrastructure in Russia is very important, and the Russian economy could really use Islamic finance,” Gorkov said, adding thatRussia is expected to close its first deals to attract Islamic capital in the autumn of 2016. Yunus-Bek Yevkurov, president of the Muslim-dominated republic of Ingushetia, said Vnesheconombank, Russia’s largest development institution, has already funded some halal industry projects in the region. Russian banking legislation would have to. Read more...