Russia to create conditions for Islamic financing, banks

MOSCOW, Nov 30 (PRIME) -- The central bank, the government, and representatives of Russian banks are working with the foreign counterparts to create a system of international settlements, and a part of that is creation of conditions for Islamic financing and launching of bank branches from the friendly countries, the regulator said in a report late on Tuesday.

The goal is to expand the banking system’s ability to satisfy Russian consumer demand and to attract foreign investment in the economy.

In the framework of development of international payments, the authorities are to create conditions for a switch of trans-border settlements into the Russian ruble and some national currencies.

Besides that, the central bank wants to expand the ability of mid-sized banks to service international settlements through the development of hedging instruments and the market of derivative instruments, the authority said.

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