Sanctions may push Russian companies towards Islamic finance, says Tatar president

Tatar President Rustam Minnihanov

Tatar President Rustam Minnihanov

Islamic finance could help Russian companies hit by Western sanctions gain access to credit, the President of the predominantly Muslim-populated Russian republic of Tatarstan Minnihanov suggested this week. “Muslim countries did not join attempts to isolate our country on the international arena, and the latest events in the world economy have shown that Islamic banks help counter world crises and supplement the world financial system,” Minnihanov told delegates at the Kazan Summit Forum.
Islamic finance could not completely substitute Western credit, he added, but instead could provide Russian companies with an important financial instrument.
According to the IMF’s latest calculations, by the end of 2015 the volume of Islamic finance around the world will reach $3.4 trillion. 

Source: rbth