The first Muslim Investment Company has been launched in Russia. Conventional Western models of investment are not acceptable in Islam. This is the reason why special investment funds have been operated in the Middle East and Europe for fifteen years already. As a pilot project, the first Russian prototype was launched at the end of March 2010 in Kazan.
The first Muslim Investment Company has been launched in Russia. Conventional Western models of investment are not acceptable in Islam.
This is the reason why special investment funds have been operated in the Middle East and Europe for fifteen years already. As a pilot project, the first Russian prototype was launched at the end of March 2010 in Kazan.
The company is operated according to ethical principles, because it is forbidden to charge interest in Islamic finance.
Muslims are not allowed to invest in the stock market, as well as to be engaged in other forms of speculative trading. Alcohol, pork products and even some nutritional supplements are Haram. Because of doctrines of the Koran, investors will be sharing company profits instead of receiving interests.
It took two years to establish such a company. One of the prerequisites was Islamic finance sector, which is developing at a remarkable pace. Not only Muslims, but also businessmen who want to do their business in a transparent and reliable way can become clients of this company.
Ainaz Faizrakhmanova, Director of the Project management office of the IFC “Linova”:
- The Tatarstan International Investment Company will be operated in compliance to ethical Islamic finance principles. Projects, the company is going to invest in, should meet definite requirements. This criterion will increase company efficiency and make deals more transparent. We believe that our strategy will be economically viable in Russia, all the more so, because all company projects are either industrial or commercial. A new mechanism of investment attraction will be tested in Tatarstan. Prospects of the Investment Company and future projects will be discussed during the Investment Forum at the II International Summit of Islamic Business and Finance.
Islamic-Finance.ru basad on materials of Metronews
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