Islamic development bank is ready to assist Russia in drafting legislation for Islamic banking development, according to Ahmad Mohamed Ali Al-Madani, President of the Islamic Development Bank Group. He gave a speech at the session of the “Russia-Islamic world” Strategic Vision Committee in Kazan.

The the “Russia-Islamic world” session took place on 25–28 May in Kazan. Representatives from 30 countries and leading Russian experts attended the event.

“Islamic Development bank can provide assistance in order to amend the existing Russian legislation so that Islamic banking could be more efficient in your economy…Leading Russian banks are now eager to use the opportunities offered by Islamic banking in terms of mutually beneficial investment and risk sharing”, — said Al-Madani.

President of the Islamic Development Bank Group noted that a number of Russian companies expressed interest to Islamic insurance.

It should be reminded that during the “Russia —Islamic world: KazanSummit” forum, which has recently taken place in Kazan, deputy minister of economy o the UAE, Abdullah Al-Saleh, highlighted the positive trend of Islamic banks’ development.

“Islamic economy is developing steadily, our Islamic banks develop more rapidly compared to traditional banks, which is especially important in the context of Muslim population growth in the world, — he said. — Every year Muslims invest USD 1.8 trillion in Islamic banks, which indicates that there are good prospects for Islamic banking development”.