Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Eurasian Development Bank to Expand Islamic Financing

Feb. 21 (Bloomberg) -- Eurasian Development Bank, a Russian-led lender backed by six former Soviet republics, wants to expand Shariah-compliant financing after helping arrange a deal last year, Chief Executive Officer Igor Finogenov said.

“Islamic finance is an opportunity for us to enter new credit markets,” Finogenov told reporters in Moscow today. “We hope it will allow us to diversify our liability base.”

The bank is looking to boost lending that complies with Islam’s ban on interest after serving as mandated lead arranger for a $60 million syndicated Murabaha facility for Kazan, Russia-based AK Bars Bank in September. The Almaty-based development bank was founded by Russia and Kazakhstan in 2006 and also includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan.

“We’re a Eurasian bank, and many of our member countries are in areas that are traditionally close to Islamic culture,” Finogenov said. That raises “the possibility of finding projects that meet the criteria required for Islamic finance.”

To contact the reporter on this story: Scott Rose in Moscow at rrose10@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.