A road map on the development of Islamic finance in Russia and OIC countries were presented on KazanSummit 2013

Today opened the first day of the V International Economic Summit of Russia and OIC countries (KazanSummit 2013), which was attended by representatives of foreign and domestic business, government, media, experts and investors.

KazanSummit held on October 2-3, 2013 at the International Information Center. The forum includes investment, business and the media forum, panel discussions, business meetings and exhibitions.

Traditionally there was a Conference on Islamic Economics and Finance. During the conference were discussed the trends in the global market of Islamic finance and the development of Islamic finance in the Russian Federation.
As speakers of the first session performed Tatarstan Investment Development Agency Chief Executive Linar Yakupov, President of the British company «Maxim Corporate finance LLP» Waheed Kaiser, a spokesman from the University of Suffolk (UK) Dababrata Choudhary, Deputy Chairman of the National Bank of the Republic of Kazakhstan Daniyar Akishev and Managing Director of the Thomson Reuters in Middle East, Africa, Russia and CIS Basil Moftah.

Opening the forum, Waheed Kaiser noted that Islamic finance actively develops all over the world, and the Republic of Tatarstan has specific conditions for their development. The Tatarstan Investment Development Agency Chief Executive Linar Yakupov in his speech underscored that Tatarstan has experience working with Islamic finance. In particular, it was noted that on the territory of the republic works Foundation for Development of Islamic Business and Finance, the Tatarstan International Investment Company (TIIC), established on the basis of KazanSummit 2009, and "Eurasian leasing company" working on a field of Islamic leasing. There has also mentioned the experience of "Ak Bars" Bank in the development of Islamic finance in the region.

At the conference the international news agency Thomson Reuters has presented a road map for the development of Islamic finance in Russia and Tatarstan. According to the plan, Tatarstan has all chances to become a center for Islamic finance in the CIS countries.

One of the presentations was devoted to the development of Islamic finance in the Republic of Kazakhstan. Daniar Akishev presented the development of the economic sector and the opening of the first Islamic bank "Al-Halal" in the Republic of Kazakhstan.
The second session of the Conference on Islamic Economics and Finance has been devoted to the development of Islamic finance in the Russian Federation. In this session discussed the issues of structuring of Islamic finance transactions in the Russian conditions and the difficulties which can evolve during the implementation of Islamic financial instruments in Russia and the Republic of Tatarstan.

Tatarstan Investment Development Agency Press Service