The Tatarstan International Investment Company is the first joint company between Russia and the Islamic Development Bank (the IsDB) in a long history of mutual relations. The company was officially registered in Tatarstan. The shareholders’ council consists of the largest investment and finance institutes of the Middle East and South East Asia (Yemen, Kuwait, Malaysia, and Saudi Arabia), as well as the Government of Tatarstan.
The Tatarstan International Investment Company is the first joint company between Russia and the Islamic Development Bank (the IsDB) in a long history of mutual relations. The company was officially registered in Tatarstan. The shareholders’ council consists of the largest investment and finance institutes of the Middle East and South East Asia (Yemen, Kuwait, Malaysia, and Saudi Arabia), as well as the Government of Tatarstan.
Iskander Muflikhanov:
- I would say, the project was organized in contempt of all rules. Normally, the IsDB establishes such joint companies with member states of the Organisation of the Islamic Conference (the OIC), while Russia is just an observer state.
The TIIC activity does not focus on religion; all its projects are either industrial or commercial, including already approved ones (e.g construction of the largest regional international business centre with exhibition areas, conference rooms, etc). One of the TIIC projects will be the establishment of the Halal products centre, which will help the capital of Tatarstan to become Russian headquarters of Halal industry and logistics. All the products, including high quality imported goods produced in accordance with Sharia principles, will be transported through Kazan. There are great possibilities in this business trend because of the growing market demand. About 25 million Russians are Muslims, and they are ready to consume Halal products.
Generally speaking, we are planning to initiate a lot of joint projects. It is an expert board of company shareholders that is going to develop these projects. The TIIC is to become a kind of an engine for business initiatives, and to find investors.
Attraction of investments will be discussed during the Second Summit of Islamic Business and Finance, which is going to take place in Kazan in June.
Background Information: The first International Summit of Islamic Business and Finance was organized in June, 2009 by the IFC “Linova”.
The IFC “Linova” was established in Kazan in 2006. Its main activity is investment banking and financial consulting in compliance with Sharia principles. Foundation of Russian Centre of Islamic Economy and Finance at Russian Islamic University, and creation and publication of the “Guide to Islamic finance in Russia” are among the most important achievements of the company.
Iskander Muflikhanov:
- This Summit will be the second one. Our last year’s experience was quite successful, and the event proved its relevance. The organizational scheme itself is unique. Usually, such events are organized at the governmental expense, while in this case we can observe private and governmental partnership, which are presented by the investment company Linova on the one side, and the Government of Tatarstan on the other. The Summit will be supervised by the Ministry of Industry and Trade of the Republic of Tatarstan.
During the Summit future plans and initial results of the TIIC are going to be announced. The shareholders have already begun working through the main questions, and they are ready to start several infrastructure projects.
A sign of respect from the Arabian side was a visit of Dr Ahmed Muhammad Ali, Islamic Development Bank group president. In spite of his respectable age, Dr. Ahmed Muhammad Ali arrived in Kazan in order to participate in the official ceremony of the company establishment.
Rustam Minnikhanov signed an agreement setting up the TIIC on his first working day as President of Tatarstan.
Islamic-Finance.ru based on materials of Tatcenter
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