“Russia should with time evolve into one of the key actors on the Islamic finance market,” President of Tatarstan noted.
(Kazan, June 20, Tatar-inform, Alia Sabirova). The 3rd International Islamic Business and Finance Summit (Kazansummit) has today officially opened in Kazan.
Attendees at the opening ceremony were President of Tatarstan Rustam Minnikhanov, Prime Minister Ildar Khalikov, Russia’s permanent representative at the Organisation of the Islamic Conference Kamil Iskhakov, Agency for Investment Development head and summit’s organising committee chairman Linar Yakupov, and foreign visitors, including the Islamic Centre for Development of Trade general director Allal Ruchdi and UK House of Lords member Nazir Ahmed. (source)The ceremony began with reading the Koran, after which Linar Yakupov spoke to the audience. The international event takes place in Kazan for the third time, he recalled. “In these several years a great work has been done, from holding science conferences to a full-fledged economic summit allowing to show the entire positive potential of our regions and to open Russia for investment from the Islamic world’s leading countries,” he said.
According to Linar Yakupov, the Kazansummit-2011’s objective is to define strategic perspectives and practical mechanisms of international economic relations between Russia, the CIS, Middle East, South-East Asia and Europe, to establish mutually beneficial cooperation in the field of direct investments and to devise recommendations in terms of the Islamic financial system’s functioning.
Linar Yakupov thanked all those involved in the summit’s organisation and the information partners, including Tatar-inform.
Opening the meeting, R. Minnikhanov said: “There recently has been rapprochement between Russia and the Islamic world, and there are several reasons for that: the rapid-paced development of our country and, consequently, search for new markers, new opportunities, new ways of interaction and strengthening the role played by the Muslim states in the international arena.”
He went on to stress that the relations between Tatarstan and the Islamic world had an eventful history, “which is why our region is in the vanguard of the process.” “We are proud of that the historical relations and spiritual closeness to the Islamic world benefit our country. Besides, Tatarstan has a vast economic potential for cooperating with the Islamic world,” he said.
“We are witnessing a surge in interest in Islamic finance on the international market. The global crisis has shown that the Western economic model requires modernisation, new ways of economic development should be found. Islamic finance does not oust the traditional finance but is an alternative to it,” President of Tatarstan enhanced. “Islamic financial organisations are currently active in 75 countries.”
According to R. Minnikhanov, Islamic finance in Russia is in the early stage and “we are facing some complex tasks related to banking legislation and taxation system, but they are solvable”.
In conclusion, Tatarstan President said: “The importance of the International Islamic Business and Finance Summit has increased year to year. Today its purposes are to not only increase economic relations between Russia and the Islamic World. We hold the summit, to show to the world business community our openness and readiness for a dialogue with all the concerned parties, and to show our opportunities.”
The summit will pay special attention to discussing the presented projects and examining practical innovative financial instruments.
The Kazansummit’s two-day agenda includes a Strategic Forum (speeches by officials and business communities leaders), Investment Forum (examination and discussion of presented investment projects), Islamic Economics and Finance Conference and business meetings between bank and business representatives.
The second international exhibition Kazanhalal-2011 runs within the event as well.
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