Islamic Finance In Russia Enjoys Great Potential - Deputy Finance Minister

6/27/2024 5:21:06 AM

(MENAFN- Trend News Agency) ALMATY, Kazakhstan, June 27. Islamic finance in Russia has great potential, the Russian Deputy Finance Minister Ivan Chebeskov said during the session "Islamic finance in Central Asia" within the framework of the annual meeting of the Eurasian Development bank (EDB) and business forum in Almaty, Trend reports.

"Islamic finance in Russia has great potential, trillions of rubles in equivalent, we have a huge domestic market for Islamic finance, and we also see the potential for cooperation with other countries," he said.

According to him, in general, Islamic finance has huge potential and is the fastest-growing sector of the market.

"We in Russia realize that traditional finance has its limitations and problems, and we see Islamic finance as a benchmark for how finance should be structured in the future," the deputy minister added.

To note, the EDB Annual Meeting and Business Forum, which is taking place in Almaty, held its first session on "Islamic Finance in Central Asia".

The segment of Islamic finance in the world's banking assets is, according to data for the beginning of 2024, 2 percent, but it is already $4 trillion, and it is growing rapidly. Indeed, the average annual growth rate of Islamic assets globally over 2015–2021 was 10.5 percent, compared to 5.8 percent among conventional financial assets.

Islamic banks have now gained a strong foothold in more than 40 countries and are beginning to compete effectively with classical credit institutions.

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