its [it/its]

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Cake day: April 29th, 2022

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  • Bonds in Islamic countries are called Sukuk, instead of interest they transfer ownership of a real asset that provides income or is temporarily leased with rent payments to the holder of the Sukuk instead. The end result is the same as a bond and they function basically like an asset backed loan. Murabaha is basically just a fee charged for the service of having a purchase made in your name, rather than interest. This seems like Russia is trying to increase their ability to lend and borrow from majority Muslim countries, a precursor to further financial ties in the Middle East most likely.