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06.07.2011

On June 20-21, 2011 Kazan welcomed guests and participants from around the world to the III International Islamic Business and Finance Summit.
III International Islamic Business and Finance Summit KAZANSUMMIT 2011 finished its work
Worldwide recognition of KAZANSUMMIT

On June 20-21, 2011 Kazan welcomed guests and participants from around the world to the III International Islamic Business and Finance Summit. The opening ceremony of the Summit was attended by Rustam Minnikhanov, President of Tatarstan, Ildar Khalikov, Prime Minister, Kamil Iskhakov, Permanent representative of Russia to the Organization of Islamic Cooperation, Linar Yakupov, Chairman of the Summit Organizing Committee, Chief Executive, Tatarstan Investment Development Agency. Besides, the summit was attended by foreign guests, among them were Allal Rachdi, Director General of the Islamic Centre for Development of Trade (ICDT), Lord Nazir Ahmed, member of the British House of Lords and many others.

Rustam Minnikhanov in his welcome speech said that today we observe an active process of rapprochement between Russia and the Islamic world. In the future Russia should become one of the key players in the fast-growing Islamic finance market. In its turn, Tatarstan should become vanguard of this very process. Our republic, according to the President of Tatarstan, has a great economic potential for cooperation with the leading countries of the Muslim world.

At the end of his speech the President said: "The importance of the International Islamic business and finance Summit is increasing from year to year. Today it concerns not only the development of international economic relations between Russia and the Muslim world. We hold the summit in order to show our willingness to engage in dialogue with all stakeholders and of course to show our economic opportunities.

Among the main goals of the Summit Linar Yakupov, Chairman of KAZANSUMMIT Organizing Committee designated the definition of strategic perspectives and practical mechanism for international economic relations between Russia and the CIS countries, the Middle East, Southeast Asia and Europe, the establishment of mutually beneficial cooperation in the field of direct investment and making recommendations in the area of ​​Islamic finance instruments for economic development.

The Summit started its work with the opening ceremony. On the strategic forum that followed Lord Nazir Ahmed Member of the British House of Lords, Dr. Muhammad Farmer Director of the British Institute of Technology and E-commerce, Allal Rachdi, Director General of the Islamic Centre for Development of Trade (ICDT the OIC), Andrew Cranston Managing Partner, KPMG in Russia and CIS countries, Anatoly G. Aksakov President of the Association of Regional Banks of Russia, State Duma of the Russian Federation, Dato Ahmad Rodzi Managing Director of AmanahRaya Capital Group made their speech in the order.

Investment Forum was held in two days. There the guests and participants of the Summit had a wonderful opportunity to learn more about the Russian regions among which were Republic of Tatarstan, Bashkortostan Republic, Ulyanovskaya region, Republic of Belarus, and the Piemonte region (Italy). A number of business projects on construction, agriculture, banking, insurance were presented in the framework of the forum. Roundtables on Islamic banking in Russia, Innovative approaches and philanthropy were aroused great interest of the summit participants.

The industry investment forum opened the second day of the III International Islamic Business and Finance Summit. There Russian and foreign investors showed the traditional interest in oil and gas processing, agricultural and construction industries, infrastructure projects.

The investment forum of KAZANSUMMIT 2011 started its work with the presentation of "VimpelCom" telecommunications partner followed by private projects in the construction of residential and mixed business facilities, infrastructure, hospitality, education and processing. The forum also presented innovative projects for the production of building materials. A number of highly intelligent projects based on the latest scientific developments in the field of nanotechnology: energy conservation projects and energy production projects were truly remarkable.

Two sessions of the Islamic Economics and Finance Conference, held on the second day, were attended by foreign and Russian experts, practitioners in the field of Islamic finance and delegates of KAZANSUMMIT 2011.
The conference program covered the following topics:
- Improved stability and openness of the Islamic financial markets and institutions
- Development of human capital, education and training in Islamic economics and finance,
- The development of Islamic finance in the traditional financial system: challenges, approaches and solutions
- The role of Islamic social and economic institutions in economic development,
- Study of Islamic finance in Russia
- History of Islamic economic thought and economic management,
- The state's role in the creation of an Islamic economic model
- Impact on the Islamic principles of macroeconomic management - fiscal, monetary and financial policies
- The value of Islamic principles for micro-economic institutions and market discipline,
- Economic doctrines and values ​​of Islam,
- Development of human capital, education and training in Islamic economics and finance.

It is worth to note that the annual traditional fair of halal products and services KAZANHALAL 2011 was held in parallel to KAZANSUMMIT 2011. Venue of the exhibition: Sport Palace. Among the honored guests of the exhibition was Rustam Minnikhanov, President of the Republic of Tatarstan. The President made a tour of the fair where suppliers and manufacturers of halal production from over 80 companies in Russia, as well as Malaysia, Turkey and Indonesia presented their products to the guests of the fair. Besides the food products the exhibitors presented cosmetics products, produced according to the Halal standards; clothes, books, souvenirs, education sector. At the end of the fair the organizers chose the best exhibitors.

"Today, there are many entrepreneurs who are interested in producing halal" - said Linar Yakupov, Chairman of the Organizing Committee at the opening ceremony of KAZANSUMMIT-2011. – Our Republic begins to determine the production of Halal as a cluster of small and medium-sized businesses.

Abbas Jalil the representative of the Malaysian company AmanahRaya expressed his hope that the exhibition will bring together manufacturers and suppliers of halal products not only in Tatarstan, but also throughout Russia. During the fair there were master classes, presentations and negotiations.

KAZANSUMMIT unites interests

Top-level talks concluded the Strategic Forum within KAZANSUMMIT 2011. Rustam Minnikhanov, President of the Republic of Tatarstan said that the Republic of Tatarstan is going to adopt the Malaysian practices in the use of Islamic financial instruments. This was stated at a meeting with the Ambassador Extraordinary and Plenipotentiary of the Russian Federation of Malaysia, Dato Zaynol Abidine Omar. Today we have developed excellent relations between Russia and Malaysia – the Ambassador noted. Tatarstan is one of the rapidly developing regions of Russia may become a good platform for Malaysia to explore opportunities in Russia and entering its markets, - the Ambassador Extraordinary and Plenipotentiary said. Considered the possibility of participation of Malaysia in the investment construction projects in Tatarstan (including construction of "Shangri-La" Hotel Network construction in Kazan that will attract tourist flows, as well as car parks construction). To strengthen the work in all areas of the representatives of the Malaysian delegation proposed to create a Tatarstan-Malaysian Business Council.

The experience of cooperation with the Turkish Republic deserves particular attention. It has been ranked first by the number of joint ventures with Tatarstan. "Kastamonu Integrated Wood Industry" LLC project is one of the largest projects realized on the territory of Special Economic Zone "Alabuga" Mr. Minnikhanov said. According to him, this project is of great importance for us, because it will make it possible to establish timber processing, to modernize the sector of forestry. It is important that this project was implemented within the agreed time, the President of Tatarstan added. We know that Tatarstan has already purchased eight modern complex on timber harvesting in order to assist in the implementation of "Kastamonu Integrated Wood Industry" company project.

During the meeting with Lord Nazir Ahmed a member of the upper house of Parliament and Dr. Muhammad Farmer the director of the British Institute of Technology and E-Commerce (BITE), the President of Tatarstan and British representatives discussed the prospects of creating a new school in the Republic. The meeting was held in Kazan Kremlin on completion of the first day of the III International Islamic Business and Finance Summit. The guests informed that at present the British Institute of Technology and E-commerce is successfully working in the UK, now they’re building campus BITE in Sri Lanka. Nazir Ahmed and Muhammad Farmer Rustam Minnikhanov proposed to open a branch of the university in Kazan where the hope to open faculties of technology, medicine and professional education. British investors are expected to allocate money for the building of the institute. Rustam Minnikhanov supported the purpose of creating a branch of BITE in Kazan.

The Kingdom of Saudi Arabia is considering to open a consulate in the Republic of Tatarstan. The decision on the issue has not yet been made, but work in this direction is underway. This was announced today by Ali Hassan Jaafar Ambassador Extraordinary and Plenipotentiary Ambassador of the Kingdom of Saudi Arabia in the Russian Federation, during his meeting with Rustam Minnikhanov President of the Republic of Tatarstan. Hatim Jamil Mukhtar Chief Executive Officer «Foras Investments», Khalid Rabah Al-Harbi Executive manager of «Foras Investments Co» and others also took part in the meeting. "Two years ago, I promised you to assist in attracting investment into the economy of Tatarstan and other regions of Russia - Ali Hassan Jaafar recalled. - I will keep my promise. "One of the results of successful cooperation is the establishing in March 2010 of the Tatarstan International Investment Company - TIIC.

Hatim Jamil Mukhtar, CEO of «Foras Investments Co» shared his thoughts on the realization of certain joint projects in Tatarstan. In particular, he was talking about the involvement of the republic in private venture capital funds in the amount of $ 50 million (TIIC and VTB joint project). It is assumed that these funds will be used for nanotechnology and IT industry projects development. In addition, a special rent-a-center is expected to be open in the Republic offering various equipment, tools, machines, etc. for a small and medium-sized enterprises needs (project costs 20USD million). «Foras Investments» company representatives also informed that they are interested in renting 10 thousand hectares of land in the Republic of Tatarstan for realizing a number projects in the field of agriculture. The company is currently implementing similar projects in Sudan and Senegal.

President of Tatarstan promised to assist in the promotion of joint projects. The President recalled that on May 28, 2011 the chairman of the Chamber of Commerce of the Kingdom of Saudi Arabia Sheikh Saleh Abdullah Kamel visited Kazan. At the same time, a Memorandum of Understanding between the CCI of the Republic of Tatarstan and CCI of the Kingdom of Saudi Arabia was signed.

On one of the following meetings held at the III International Islamic Business and Finance Summit, during the meeting with the President of the Republic of Tatarstan, the Ambassador Extraordinary and Plenipotentiary of the Sultanate of Oman in the Russian Federation, Mohamed al-Hassan said that Tatarstan was the most important direction in the Sultanate of Oman's investment policy in Russia. During his visit to Kazan, the Ambassador led a number of meetings with representatives of the ministries of Tatarstan and visited the Kazan helicopter plant. The President described the socio-economic situation of the country. Particular attention is drawn to the development of innovative technologies and their introduction into the real economy, Minnikhanov said. In Tatarstan, we have the conditions for the development of small and medium enterprises, to attract foreign investment, joint ventures, Mr. Minnikhanov added. According to the President, Ambassador’s attendance at Summit can serve as an impetus for further development of mutually beneficial relations. Ambassador of the Sultanate of Oman in Russia proposed to Rustam Minnikhanov to consider the Republic’s representative including to the Omani-Russian Business Council. Mohamed Al-Hassan reminded the issue on the opening of direct flights between Moscow and Oman are currently discussed. This will also strengthen bilateral relations.

President of the Republic of Tatarstan also met with Azamat Ilimbetov, Prime Minister of the Republic of Bashkortostan and discussed a number of issues with him in the presence of Ildar Khalikov the Prime Minister of the Republic of Tatarstan, Linar Yakupov Chief Executive of the Tararstan Investment Development Agency, Iskander Muflikhanov Director Department for Foreign Affairs, Aide to the President on International issues. In the framework of the visit the delegation of the Republic of Bashkortostan saw the football stadium under construction, the Palace of arts, International equestrian center, IT-park the Prime Minister said.

AK BARS Development Company Management held a business meeting with AQRS Bhd company. This is one of the largest construction holding companies in Malaysia, specializing in the field of low-rise building and of multi-storey complexes erection.

KAZANSUMMIT - a place for new solutions

For the third year KAZANSUMMIT resulted in mutually beneficial projects in the field of direct investment, as well as discussion and development of joint solutions in the field of Islamic financial instruments. These results are very important not only for Tatarstan, noted the speakers of the forum. They are of a great value in the country modernization objectives realization. It also meets the needs of the international community.

In particular, Memoranda of Understanding were signed between Luxor Capital SDN BHD (represented by Syed Mokhtar Said Nagif, Director General) and AkBars Development (represented by Aidar Safin, Deputy Director); Luxor Capital SDN BHD (represented by Syed Mokhtar Said Nagif, Director General) and Tatarstan Investment Development Agency (represented by Linar Yakupov, Chief Executive); AmanahRaya Capital Group (represented by A. Jalil Abbas, Managing Director) and the Tatarstan Investment Development Agency (represented by Linar Yakupov, Chief Executive); AmanahRaya Capital Group (represented by Dato Ahmad Pavateh, Group Managing Director) and the Tatarstan Investment Development Agency (represented by Linar Yakupov, Chief Executive); Al-Aza Group of Companies (in the person of Datuk Mohd Managing Director Hedar Sharif) and the Investment Development Agency of the Republic of Tatarstan (represented by Linar Yakupov, Chief Executive); Al-Aza Group of Companies (represented by Datuk Mohd Hedar Sharif, Managing Director) and the Chamber of Commerce of the Republic of Tatarstan (represented by Shamil Ageev Chairman of the Board) Tatarstan International Investment Company (represented by Emil Gasimov, Director General) and MVEN Company (represented by Victor Ermolenko, General Director); Islamic Business and Finance Development Foundation (represented by Lotfullin Rinat Director General) and World Congress of Muslim Philanthropists (represented by Dr. Tariq Cheema, Executive Director).

At the end of KAZANSUMMIT 2011, Linar Yakupov Chief Executive of Tatarstan Investment Development Agency, Chairman of the Organizing Committee of the Summit resumed the work of the international event. "We are currently working on making KAZANSUMMIT the main platform of interaction between Russia and countries of the Organization of Islamic Cooperation. The OIC comprises 57 countries, and it is a very important market for Russian producers. At the same time we see them as very serious business partners for investment projects ", - said Linar Yakupov at the conclusion of KAZANSUMMIT-2011.

The investment forum will become the main component of the next Islamic business and Finance Summit. We hope it will encourage investment in Tatarstan and the Russian Federation as a whole, and the exit of Russian companies on the leading markets of Muslim countries, Mr. Yakupov said.
Particularly he noted the agreement on the establishment of the Malaysian Business Council, which is expected to become an effective instrument for the development of bilateral cooperation. "The interest of Malaysian businessmen Malaysia to Tatarstan is currently growing; Malaysian markets are also of a great interest to Tatarstan. I hope the Tatarstan-Malaysian Business Council would be a serious framework for mutually beneficial development of relations”, - said Linar Yakupov.

This year more than 100 mass media covered the event, including Al-Jazeera TV channel, Russia Today, British, Malaysian television.

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