Russia is looking to Malaysia to assist and build its knowledge and human capital in Islamic Finance, as it looks to introduce the system for its Muslim citizens, IslamicFinance.com reported.
According to the website, a delegation from Malaysia, consisting of representatives of a subdivision of the Central Bank of Malaysia for development of Islamic finance and University Tun Adbul Razak visited Russia in February to assess the market.
Earlier this year, two major Islamic banking institutions, Al Baraka and Al Shamal, announced that they are actively looking for partners in the Russian market at a recent banking summit. Working with a local partner will allow them to operate legally in Russia while continuing to follow the main tenets of Sharia law.
Russia is believed to have a Muslim population of 16 million largely concentrated in the southern part of the country and the Caucasus regions.
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