The Russian Islamic Institute starts a seminar on Islamic banking

Organizer of lectures, with the support of Tatarstan Investment Development Agency is the Russian Centre for Islamic Economics and Finance.

Seminar on Islamic banking will last from 20 to 23 September. First three days of lectures will be held at the Russian Islamic Institute. On the last day of the course – 23 September – participants will meet at «The implementation of Islamic banking in the Russian Federation» round table, which will take place in «Shalyapin Palace Hotel».

At the lecture will perform the Head of Islamic Finance Department of the Regional Financial Center of Almaty and Islamic financing of the National Bank of Kazakhstan Timur Omarov and Chief Financial Officer of the largest Islamic Bank of the Republic of Kazakhstan – «Al Hilal» Aidyn Tairov.

Tatarstan Investment Development Agency Chief Executive Linar Yakupovat the lecture said that Kazakhstan has long been very active in the field of Islamic finance. In 2009 Kazakhstan adopted a law on Islamic finance, in 2010 opened its first «Al Hilal» Islamic bank.

Tatarstan is also interested in the development of Islamic financial products. In the region successfully work Tatarstan International Investment Company (TIIC), Eurasian Leasing Company (EFC) and the «Amal» Finance House. Tatarstan's Ak Bars Bank in late 2013 closed its second «Murabaha» deal.

The next two days of the seminar will be devoted to discussion of Islamic economics, legislation in the field of Islamic finance, basic banking products and the analysis of international experience.

About Islamic banking

Islamic banking is an effective innovation in banking. Like any successful innovation, Islamic banking is more profitable compared with traditional instruments, the assets of Islamic financial institutions in the world amount to about 2 trillion USD, and grow on 15% per year, and by the yield they don’t give way to traditional assets. In countries where Islamic financial institutions are actively supported by the state, the annual growth of Islamic financial assets is about 30%. Islamic financial institutions is developing in different countries, including European countries, USA, South Africa, Australia and South-East Asia.

Tatarstan Investment Development Agency Press Service