The Federation Council Debates a Prospect of Establishing an Islamic Bank in Russia

The RF Federation Council Vice-Speaker Alexander Torshin discussed the prospects of establishing an Islamic investment bank in Russia with a delegation including representatives of political and financial quarters of Jordan, Bahrain, Great Britain and Azerbaijan. The meeting resulted in taking a decision of forming a working party, which would include representatives of influential financial quarters of Jordan, Bahrain and Azerbaijan. According to Mr. Torshin, the idea of setting up an Islamic investment bank should be thoroughly discussed and analyzed. Under the acting Russian legislation, establishing foreign banking groups and structures on the territory of the Russian Federation must correspond with the provisions of the acting financial laws and requires coordination with the Central Bank of the Russian Federation. Mr. Torshin pointed out that the Russian side stood for developing cooperation and strengthening mutually rewarding relations with Arab states, adding that these relations had been rapidly developing during past years. In his turn, the managing director of Gulfinance House Esem Janahi said that Islamic Investment Bank had a long history and worked successfully on the international market. “This bank also works successfully in the field of accomplishment of economic projects, including projects in power generation sector”, Mr. Janahi informed.

Source: Interfax