Two Russian banks are looking to Islamic finance: Sberbank is planning to execute Shariah compliant financial transactions likely in the fall while Vneshoconombank is due to announce its first deal with the IDB soon, according to TASS Russian News Agency. Emirates Development Bank is also contemplating the launch of Islamic finance services by the end of this year, Mubasher Info reported quoting the bank’s acting CEO, Rashid Mahboob Misbah.

The IDB, the Social Fund for Development and the Japanese government have expressed keenness to finance the construction of the Turkmenistan-Afghanistan-Pakistan-India gas pipeline project, which is estimated to cost over US$100 billion, reported Pakistan Today.