CIS is the next frontier for Islamic banking expansion: Moody’s

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Islamic banking will grow substantially in Commonwealth of Independent States (CIS) countries in the next five years from a very low base, driven by government initiatives to nurture the sector according to a report by global rating agency Moody’s. Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan are set to lead this expansion of Islamic banking,” said Svetlana Pavlova, AVP-Analyst at Moody’s. “These countries have large Muslim populations, and are notable for their governments’ commitment and progress in establishing better legal and regulatory infrastructure for Islamic finance.” Source:

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