Manama, Bahrain. The investors' meeting on establishment of Tatarstan International Investment Company (TIIC) was held on the December 7, 2009.
Manama, Bahrain. Halalpages. The investors' meeting on establishment of Tatarstan International Investment Company (TIIC) which will be working based on Shari'ah principles was held on December 7, 2009. The Islamic Corporation for the Development of the Private Sector (ICD)*, the member of Islamic Development Bank, and Islamic Finance Consulting Company IFC Linova (Russian Federation, Kazan)** acted as the organizers of the meeting. Within the framework of the arrangement TIIC investors from the member countries of Islamic Development Bank were acquainted with the economic potential of the Republic of Tatarstan.
The meeting held within the 16th World Islamic Banking Conference was chaired by Mr. Khaled M. Al-Abudi, CEO and General Manager of the Islamic Corporation for the Development of Private Sector, and by Mr. Roustam Minnikhanov, the Prime Minister of the Republic of Tatarstan (Russian Federation). In his speech on account of this event Mr. Khaled M. Al-Abudi said: "The initiation of the investment company will play the important role for promotion of trading, investment and economic cooperation between the member countries of ICD and the Republic of Tatarstan".
In the course of the meeting TIIC investors discussed the main areas for investment, such as infrastructure, telecommunication, agriculture, finances, capital facilities, processing industries, service industry.
Mr. Roustam Minnikhanov, the Prime Minister of the Republic of Tatarstan, pointed out that Tatarstan is delighted with the attained level of cooperation with ICD, the result of which is the initiation of investment company. This event reflects strong confidence of the international business community in the favourable investment condition of the Republic of Tatarstan.
"This meeting noticeably anticipates the initiation of the enterprise, which is going to be really innovatory. We have always considered that such kind of cooperation is very important for the Republic because it contributes to the national development", Mr. Roustam Minnikhanov said in his speech.
Islamic Corporation for the Development of the Private Sector (ICD)*
Islamic Corporation for the Development of the Private Sector is the multi-national organization affiliated with the Islamic Development Bank (IDB) Group. ICD has been established in November of 1999 with the view of economical advancement's promotion in accordance with principles of the Shari'ah. Islamic Corporation for the Development of the Private Sector promotes the thing-becoming, the expansion and the modernization of the member countries’ economy by financing of infrastructure project. The projects are selected on the ground of their contribution to the economic development which includes job creation, export development etc. ICD gives an advisory opinion to the governments and to the business groups on issues relating to the development of capital markets, the implementation of the best management method and the consolidation of market-driven economy. As at the end of August 2009, ICD has operations in 29 countries, including 9 regional projects, with the total net approvals under ICD portfolio of $ 1.37 billion.
LLC IFC Linova**
IFC Linova LLC was founded in Kazan in 2006 . The Company provides investment banking and finance consulting services in compliance with Shariah principles. Among significant projects of IFC Linova there are realization of the first “International Summit of Islamic Business and Finance”, the establishment of Russian Centre of Islamic Economics and Finance for Russian Islamic University, the development and the establishment of Islamic Finance Guide in Russia, the first project development of Halal Industrial Park. IFC Linova is also the initiator of establishment of Tatarstan International Industrial Company and the company which conducted the feasibility study of its establishment.
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