The subject of Islamic finance has a steadily growing interest among considerable number of the Muslim population and businessmen of Russia. However, only Tatarstan attempts to introduce Islamic finance in practice.
The subject of Islamic finance has a steadily growing interest among considerable number of the Muslim population and businessmen of Russia. However, only Tatarstan attempts to introduce Islamic finance in practice. Despite that, the Tatarstan businessmen still have numerous questions about functioning of banking instruments by the canons of Shariah.
Few years ago answers to these questions could be asked to experts only at the Conference on Islamic economy and finance within KAZANSUMMIT. Now there are much more events devoted to this subject in Tatarstan.
Islamic finance has already its own history in the territory of the republic. The Chairman of KAZANSUMMIT Organizing Committee, the head of Tatarstan Investment Development Agency Linar Yakupov told about the development of Islamic financing in Tatarstan in the seminar "Islamic trade financing" held on June 17.
More than 100 participants could get acquainted with Islamic finance and the Islamic banking services and tools, attractive by having advantages of special construction on system "the seller – the buyer" or "the tenant – the lessor". Interested businessmen and executives, finance directors and analysts of the companies could ask their questions to experts of the field of Islamic financing – Alberto Brugnoni ( the founder and Chairman of the Board of ASSAIF, Italy), Roustam Vakhitov (the managing partner of International Tax Associates, the Netherlands) and Said Farouk (Thomson Reuters).
The organizer of a seminar LLC Tatagroprombank is going to put on the market products of Islamic trade financing – letters of credit, trust receipts, letters of guarantee.
The KAZANSUMMIT Organizing Committee supports the initiative of promotion of Islamic financing products as it will facilitate economic cooperation between Tatarstan and banks of the Muslim countries of the Middle East, South-East Asia and the Persian Gulf. Also the KAZANSUMMIT Organizing Committee invites participants of a seminar to visit the Conference on Islamic economy and finance within KAZANSUMMIT 2013 where problems and prospects of introduction of Islamic finance in the country with traditional economic model are annually discussed.
KAZANSUMMIT Press Service
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