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Islamic Investment Bank Can Be Opened in CIS, Interfax Says

An Islamic investment bank can be established in former Soviet republics, Interfax news agency reported, citing Anatoliy Kazakov, head of the coordinating body of the finance and banking council of the Commonwealth of Independent States, or CIS.

The bank can invest in infrastructure, industrial and refining projects, Kazakov told Interfax in an interview today in the Azerbaijani capital of Baku. He added that an Islamic bank would help attract investments in the CIS market, which he described as attractive and reliable.

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