World Economy

Arab Banks Condition Cooperation With Russia

Arab Banks Condition Cooperation With RussiaArab Banks Condition Cooperation With Russia

 Arab Banking is ready to cooperate with Russia if it creates favorable conditions in bank regulation, participants in a regional seminar on “Islamic finances” told TASS on Friday.

Specialists stressed that the Islamic banking sector was growing rapidly. Now it is about 1% of the world banking sector. It searches for entering new markets. “Russia, I can assure you, is an attractive market. I think the answer is – if Russia opens its regulation system, definitely there will be interest,” Itar-Tass quoted Dr. Hatim El-Tahir, Director of Islamic Finance Group, Deloitte & Touche as saying.

Emirates Islamic CEO Jamal Bin Ghalaita said: “Russia is very important for all of us.”

Answering a question “What’s preventing you from working with it”, Bin Ghalaita said, “I think, the regulation. After the regulation is opened, we’ll invest, all the banks will.”

Responding to if Arab banks are ready to work in national currencies and not necessarily in US dollars, he said, “In Russian roubles. I think we’re interested. You invest with us, we invest with you.”