Russian Church Becomes Islamic-Finance Ally as Sanctions Hurt

Advocates of Islamic finance in Russia have a powerful new friend: the country’s biggest church.

After Russia’s finance ministry rejected a draft law last month that would have paved the way for more so-called alternative finance, including Shariah-compliant transactions, the Russian Orthodox Church said it’s working with the lower house of Parliament and consulting with experts in a bid to develop a system of finance that eschews the payment of interest.