Russian interest in Sukuk runs ahead of regulators

Gasprombank is building support for Sukuk but Russian legislation is missing. Executives from Gazprombank have been collecting interest in South East Asia. It seems that Alexander Kazakov, director of structured and syndicated finance at the bank, is claiming up to five companies were interested in Sukuk issuance.
AmanahRaya is also working to establish Kaz Haj, a pilgrimage fund, along with Kazakhstan’s Islamic asset management company, Fattah Finance.
On the other hand, Aznan Hasan, Associate Professor at the International Islamic University Malaysia, warns that Russia will need to address its legal framework before Shari’ah-compliant transactions can go ahead.

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