In search for economic 'blessings'? Russia's grand plans to tap Islamic finance

The year 2014 brought changes for the Russian economy. The sanctions imposed by the European countries and the US and historically low oil prices have led to prices to double and businesses to lose access to traditional finance. At the annual Gaidar Economic Forum on January 14-16, a session was dedicated to Islamic finance and its development prospects in Russia. Indeed, 2014, especially its second half, was filled with economic and finance forums and seminars, which embraced among other topics, the issue of Islamic finance. The industry, which is capable of bringing new investments into the market, finally seems to be taken more seriously. Islamic finance is now being studied at various government bodies and institutions, both at the federal and regional levels.