This initiative, which aims at the development of Islamic products and services in Russia and CIS countries, at a time when the Islamic Sharia law, or inconsistent with the financial market, which is becoming an increasingly important part of the global financial system.
Masroor Haq, head of Middle East and Africa, VTB Capital, said: "We look forward to in the Memorandum of Understanding with the House of liquidity management for Islamic banking products - both organizations look forward to working with our main customers of our respective regions.
"Through our partnership with industry and the management of liquidity, in full Islamic finance structuring of international services for our clients in Russia and CIS countries and accelerate the development of this product in Russia, Mr. Haq added.
VTB Capital began operations in the Middle East in an office in Dubai in the coming weeks. The office serves as the gateway to the Middle East and Africa for investors in Russia and CIS countries through a network of group VTB.