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Mon 6 Apr 2009 10:17 PM

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KFH unit seals Russia Islamic finance deal

Liquidity Management House and Russia’s VTB Capital team-up to develop Islamic products across Russia.

KFH unit seals Russia Islamic finance deal
VTB DEAL: Kuwait Finance House unit seals deal to promote Islamic products in Russia. (Getty Images)

Liquidity Management House, a subsidiary of Kuwait Finance House, has signed a Memorandum of Understanding with Russia-based VTB Capital, the investment business of VTB Group.The initiative, aimed at developing Islamic products and services in Russia and across the CIS, comes at a time when the Islamic or Shariah compliant finance market is increasingly becoming a mainstream component of the global financial system.

Masroor Haq, Head of Middle East and Africa of VTB Capital said: "We are delighted to enter into an MOU with Liquidity Management House to develop Islamic Banking products - both entities look forward to working with our key clients in our respective regions.

''Through our partnership with Liquidity Management House, we will be offering fully-fledged Islamic Finance structuring services of international standards to our clients in Russia and CIS and accelerating the development process of this product in Russia," Mr Haq added.

VTB Capital will be starting its Middle East operations with an office in Dubai in the next few weeks. The office will serve as a gateway for the Middle East and African investors to access Russia and CIS through the network of VTB Group.

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