Development of Islamic Finance Discussed in Kazan

An Islamic Trade and Finance seminar was held in Kazan Riveria yesterday. The event was organized by Tatargroprombank with the support of the Association of Small and Medium Businesses of Tatarstan.

In his opening remarks, Tatarstan Investment Development Agency (TIDA) Chief Executive Linar Yakupov noted a growing interest in Islamic finance by both businesses and the Tatarstan population. Linar Yakuopv also noted that more and more activity has been devoted to the subject in the republic recently.

During the seminar, participants discussed how Islamic products and financial services could be introduced under current legislation. They noted the importance of increasing awareness of Islamic finance, emphasizing that demand is created through knowledge. Participants also discussed Islamic finance as a means of attracting investment.

Over the course of the discussion, business representatives asked a number of questions regarding the current path of Islamic finance and its development in Tatarstan.

To conclude the seminar, a working group on Islamic finance created as a result of an agreement signed by TIDA and Thomson Reuters convened. Meeting participants included TIDA and Sayd Farook, Thomson Reuters Global Head of Islamic Capital Markets. Representatives of Thomson Reuters are currently on a two day working visit to Kazan which will become the basis for a meeting with the President of Tatarstan Rustam Minnikhanov at the St. Petersburg International Economic Forum on 20 June.