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Agreement on establishment of the Tatarstan International Investment Company signed in Kazan

29.03.2010

President of the Republic of Tatarstan Rustam Minnikhanov and H.E. Dr. Ahmed Mohammed Ali, IDB President (Islamic Development Bank) met today in Kazan, capital of Tatarstan. The Agreement on establishment of the Tatarstan International Investment Company (TIIC) was signed during this meeting. From the part of Islamic states the Agreement was signed by the Islamic Development Bank Group and from the part of Tatarstan by Investment & Venture Fund of the Republic of Tatarstan and JSC Directorate for non-budget city development programs.
Agreement on establishment of the Tatarstan International Investment Company signed in Kazan
President of the Republic of Tatarstan Rustam Minnikhanov and H.E. Dr. Ahmed Mohammed Ali, IDB President (Islamic Development Bank) met today in Kazan, capital of Tatarstan. The Agreement on establishment of the Tatarstan International Investment Company (TIIC) was signed during this meeting. From the part of Islamic states the Agreement was signed by the Islamic Development Bank Group and from the part of Tatarstan by Investment & Venture Fund of the Republic of Tatarstan and JSC Directorate for non-budget city development programs.

President of IDB Ahmed Muhammed Ali expressed his great hope for constructive cooperation with Tatarstan, in particular with its private sector. He said that in accordance with the bank’s new vision IDB would work very closely with the private sector which is the engine of development.

Dr. Mohammed Ali said to Mr. Rustam Minnikhanov that the joint work was aimed at gaining the best results between Russia and the Islamic states. "Here there are businessmen and representatives Islamic states that are really eager for development. I am sure that cooperation with You, Your Excellency, and the Republic of Tatarstan will just strengthen cooperation between Russia and the Islamic world. We are very proud of being in Tatarstan... and I am very happy that our cooperation starts in such an important field as halal production. We need to strengthen coordination between the Muslim community and other countries. I want to assure you that the IDB Group will take all necessary measures to strengthen this cooperation. As you know, IDB is supported by all its member-countries and when I say we are with you I speak for all the member countries. This support is conditioned by the IDB’s highest ratings in the world for the last 7-8 years, before the world economic crisis started and after. Even during the world economic crisis IDB keeps receiving highest ratings from the rating agencies".

Mr. Rustam Minnikhanov said that the Republic had a great potential to be fulfilled with the help of the Islamic Development Bank and that Tatarstan would certainly take advantage of this opportunity. "I am very grateful to you that you found time to come here no matter how hard it was" said President Rustam Minnikhanov.

According to Mr. Khaled Al-Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector, the Agreement which was made in full accordance with the laws of the Russian Federation would come into force after this meeting. "Also we were aiming at preparing all regulatory documents for finishing the Company's registration. We hope that we will be able to finish the registration in early May. We also had a chance to meet with a large number of Russian and Tatarstan companies presented to us by our business partners. And we found some companies very attractive for investing. It is our plans for future. At the same time we are working on two other projects: a halal trade center supported by our Malaysian partners, about establishment of which we will soon announce; the second project discussed with our Russian partners is the establishment of an exhibition centre in accordance with international standards in Kazan as it has much to offer to the world.

Mr. Al Aboodi thanked President of Tatarstan for assisting in the establishment and progress of this Company and assured IDB would do its best to make the Company modern and significant not only for Tatarstan but for the whole world. He said they would try and do their best to make it the gateway for Islamic investors in Tatarstan as well as for Russian investors to invest abroad.

Timur Sagdeev. Islamic-Finance.ru

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