At the latest Board meeting of the International Islamic Financial Market (IIFM) the IFC “Linova”, established in 2006 and engaged in investment banking and Sharia compatible business consulting, became a member of the IIFM with observer status. This membership will help the Russian business community to take an active role in the promotion of the Islamic finance in the world, introduce Russian projects of this segment and collaborate with major Islamic financial institutions.
At the latest Board meeting of the International Islamic Financial Market (IIFM) the IFC “Linova”, established in 2006 and engaged in investment banking and Sharia compatible business consulting, became a member of the IIFM with observer status. This membership will help the Russian business community to take an active role in the promotion of the Islamic finance in the world, introduce Russian projects of this segment and collaborate with major Islamic financial institutions.
Much work had been done by the IFC “Linova” before that: preparation and implementation of the first International Summit of Islamic Business and Finance in Russia, the establishment of the Russian Centre of Islamic Economics and Finance (at Russian Islamic University), the initiation of Tatarstan International Investment Company and non-profit Foundation for Development of Islamic business and finance, the development and release of the guideline to Islamic finance, the launch of the trial project of the Halal Industrial Park in Tatarstan, participation in business forums and a large methodical work on popularization and development of the Islamic Business and Finance in Russia. The IFC “Linova” is also a member of the Islamic Financial Services Board (IFSB).
Additional information:
IIFM Board – International Islamic Financial Market Board, with its headquarters in Bahrain, was founded with the collective efforts of Central Bank of Bahrain, Central Bank of Indonesia, Central Bank of Sudan, Labuan Offshore Financial Services Authority (Malaysia), Islamic Development Bank (Saudi Arabia) as a structural organization with the authority to participate in establishment, development and self-regulation of the Islamic Capital and Money Market. Its primary focus lies in the promotion and standardization of Islamic financial instruments, documentation, products, the development of the infrastructure, and the publication of the guidelines on stabilization of the Islamic Capital and Money Market.
Moreover, an important sphere of activity of the IIFM is the development of the Global primary and Islamic Capital market, short-term financial market, and the market of Islamic financial instruments. The IIFM also focuses on the enhancement of the cooperative framework among the members of the Islamic finance market and regulators of the Islamic Capital and Money Market and the creation of an environment that will encourage the members to actively participate in the market.
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