telegraph.co.uk - The Muslim-majority region of Tatarstan has proved to be an attractive investment destination for funds – for both Russian Muslims and foreign investors based in Muslim countries.
Worshipped: the Kul Sharif Mosque stands in the grounds of Kazan's Kremlin
Tatarstan’s mosques now stand harmoniously side-by-side with Orthodox churches, but it is traditionally a Muslim region and it still has a Muslim majority. This, coupled with Tatarstan’s huge development potential, makes it a good proposition for Muslim investors.
Two Islamic funds have recently launched operations in Tatarstan. The first is the Malaysian private equity firm AmanahRaya Capital Group, which has already launched several projects in the republic. “We bypassed Moscow and came to Kazan, as it offers the most attractive investment climate,” says managing director Dato Ahmad Rodzi Pawanteh. (source)
The fund’s first project was the Kazan Halal Hub, which imports halal meat and other products for the region’s Muslim population. Once established, the fund financed the construction of a halal meat processing plant in Baltash, 62 miles from Kazan, where local producers can also bring their meat to be processed according to Islamic rules. The latest phase of the project set up an Islamic fund-management company that will invest in halal-related projects. The management company will also hold a pilgrimage fund to finance a Hajj for local residents.
“We have been very successful with this sort of fund in Malaysia, and it was an obvious product to bring to Tatarstan,” says Mr Pawanteh. “But we are also working with local government to raise funds on a private equity basis to bring in foreign investment to the region.”
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