Islamic business begins to replace Western companies in Russia

16.05.2023, Moscow.

Businessmen of Islamic countries have taken advantage of the fact that Western companies have vacated many niches of the Russian market, Ramazan Abdulatipov, Russia’s permanent representative to the Organization of Islamic Cooperation (OIC), said in an interview with RIA Novosti on May 16.

“As a result of the current situation, the Russian market has become very attractive for our partners. Western companies have vacated many niches of the Russian market, which has already been taken advantage of by domestic producers and many business representatives of Islamic countries,” Abdulatipov explained.

He noted that the interaction between Russia and Islamic countries is seriously strengthened in implementing logistic projects in Eurasia. Iran, the United Arab Emirates, Turkey, and India are interested in such initiatives. Similar interest is shown in joint work on the International Transport Corridor North-South, which will become a serious competitor for logistics in Greater Eurasia.

Abdulatipov said that Russian regions – Tatarstan, Dagestan, Chechnya and Bashkiria – are involved in introducing Islamic banking and thus strengthen ties with other Islamic countries. In Russia, Islamic banking is at the experimental stage, but if successful, this experience will be extended to other Russian Federation subjects.

Source: Rossa Primavera News Agency