KUALA LUMPUR - A Malaysian-Russian consortium, formed to conduct a feasibility study on the implementation of Islamic banking and finance in Russia, has identified Tatarstan as the key region for the pilot project.
The consortium is made up of Universiti Tun Abdul Razak (Unirazak), the Islamic Banking and Finance Institute Malaysia (IBFIM), and the Russian Islamic Business and Finance Development Fund (IBFD Fund).
The result of the study was presented by Unirazak President/Vice-Chancellor Datuk Seri Dr Md Zabid Abdul Rashid to Tatarstan Prime Minister Ildar Khalikov.
Unirazak, in a statement today, said the study, commissioned by the Russian government, would form the basis of Islamic banking in Russia.
"The nine-month market report stated that Tatarstan is an ideal platform for the creation of an Islamic finance window.
"It also noted that Islamic financing instruments worked in countries like Japan, the UK and Luxembourg, without the need to make any changes to existing legislations in these respective countries," it added.
Malaysia External Trade Development Corporation spearheaded the strategic effort to establish the Malaysian-Russian consortium, under the purview of Bank Negara Malaysia.
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