The issue of establishing an Islamic bank in Russia jointly with several Arab countries will be discussed at the Russian-Bahraini business council, which is scheduled to take place on October 21 in Sochi under the chairmanship of Vladimir Dmitriev (the president of Vnesheconombank) and Ahmed Al-Saati (Ambassador of Bahrain to the Russian Federation).

“In order to develop our banking cooperation, it is necessary to establish an Islamic bank, jointly Russian with some other Arab countries or Bahrain, this is becoming a very relevant task nowadays,” Saati told Rossiya-24 television channel in an interview.

«As for investment, our state, refers to State investment holding Bahrain, participates with a share of 20% in one of the major investment projects in the Russian Federation,» said al-Saati.

«As for Bahrain, we call on, of course, and Russians to work in the Kingdom of Bahrain, because we have the most favorable climate for foreign investment: no taxes for foreign investments and foreign partners have the right to own property right at all without the participation of the so-called local agent,» he continued.

I think that Russian business, if you come to Bahrain, Bahrain could serve as a very good starting base for the entry of Russian business in neighboring countries — the Arab Gulf States», — concluded the Ambassador of Bahrain to the Russian Federation.