The Ministry of Agriculture of Russia noted the role of Islamic financing in trade with Saudi Arabia
The Ministry of Agriculture of Russia noted the role of Islamic financing in trade with Saudi Arabia
29 November
The Ministry of Agriculture of Russia noted the importance of Islamic financing for expanding the supply of agro-industrial complex (AIC) products to Saudi Arabia. Elena Fastova, First Deputy Minister of Agriculture emphasized that the Saudi market is of great interest, especially taking into account the opportunities offered by Islamic financing. This instrument is actively developing in Russia, and a number of regions are already willing to work with it.
At the working meeting dedicated to the investment cooperation in the agro-industrial complex, Fastova also noted Russia's readiness to offer foreign investors access to subsidies and benefits. This could help attract more investments and strengthen trade ties between the countries. Anastasia Stepanyants, Advisor to the Director of the Department of Strategic the Financial Market Development of the Bank of Russia, added that the Russian side is examining the experience of the Gulf countries to adapt the best practices of Islamic finance in the country.
Mansour Alkhalabi, Senior Vice President of the Finance Department at the Saudi Agricultural and Livestock Investment Company (SALIC), noted the importance of Islamic financing for the region, where there is a significant amount of capital interested in such transactions. Shariah-compliant Islamic financing is available not only to Muslims, but also to everyone, regardless of their religion.
