Riyadh – Mubasher: The Islamic Development Bank (IDB) has been in talks with a delegation of three Russian banks to carry out Islamic banking and finance procedures and transactions in Russia as part of a banking partnership, according to the Saudi Press Agency (SPA).
The bank also discussed transferring expertise in the Islamic banking industry, products, and practical application to the Asian country.
The Russian delegation seeks to understand the different types of Islamic finance and compare it with the current banking system in Russia in order to develop the system there, the SPA reported citing the governor of the Central Bank of Russia Alexander Turchin.
The delegation, formed of Russian banks to develop banking services in the country, has highlighted in its strategic plans for 2016 and 2017 the importance of reinforcing collaborative relationships with global finance organisations, including the IDB group.
The IDB has so far approved 29 projects for Muslim communities in Russia at a value of $7.4 million.
