Russian laws to be adopted for functioning of Islamic financing institutes

Russian legislative system will not be an obstacle for Islamic financing institutes of Russia, the head of Tatarstan Rustam Minnikhanov stated in Dubai, RIA Novosti reports.

“Our bank laws partially don’t correspond to work with Islamic financing, but we have analyzed this issue and it appears the problem can be solved,” Minnikhanov stated at the opening ceremony of Annual Investment Meeting 2011 in Dubai.

According to him, Islamic banks are necessary for Russia.

Islamic financing is a system of dealing with bank affairs according to the religious principles of Islam.

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