Islamic finance is a growing industry estimated to reach the 2 trillion dollars mark by 2012 and many countries around the worldare tapping into this lucrative market including the Russian Federation. Russia is making progresses in enabling legislation to accommodate Islamic finance and banking into the country’s legal and regulatory framework and this article aims to explain the advancement of the Shariah compliant industry in this country and the Republic of Tatarstan. The Government of Tatarstan is strongly supporting and facilitating the development of the industry and is accommodating changes to equip the Republic with the tools and means to use Islamic financial instruments.
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