CIS Nations to Drive the Growth of Global Islamic Finance Industry

Islamic banking is developing rapidly in the Commonwealth of Independent States (CIS) nations, and is positioned to become integrated into the worldwide Islamic finance industry as well as the global Islamic capital market.

This development is firmly backed by the Islamic Development Bank, recognised as one of the region's most significant growth drivers due to its large investment portfolio in the sector, as well as growing demand for funding for agriculture and transport services as a result of sustained economic growth in the region.

As stated in media, according to pre-COVID-19 projections, the Islamic finance industry was expected to double in asset volumes and market share in t...