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Today the topic of Islamic finance was introduced at the Tatarstan branch of Sberbank for the first time.

Today the topic of Islamic finance was introduced at the Tatarstan branch of Sberbank for the first time.

The seminar "Opportunities to attract Islamic finance in the Middle East for the enterprises of the Republic of Tatarstan" was organized by the Tatarstan branch of Sberbank of Russia with the assistance of the Tatarstan Investment Development Agency.

The main speaker of the seminar was paymaster general of Investment company - "Invest AD" (Abu Dhabi Investment Company) Mr. Biswajit Dasgupta, who participated in the IV International Economic Summit of Russia and OIC- KAZANSUMMIT in 2012. He spoke about the basic principles and the main features of Islamic finance, introduced the main products of Islamic banking, which are the most interesting in terms of obtaining financing (sukuk, murabaha, ijara, istisna’, mudaraba and musharaka). According to Mr. Biswajit Dasgupta, despite of the total number of Islamic assets of $ 1 trillion, most Muslims are not provided with Islamic finance. In this regard, paymaster general of «Invest AD» said about a strong growth and development of the Islamic financial system in the next 10-15 years.

Russia is one of the strategic areas for the fund, and as noted by Strategic Advisor to the General Director of «Invest AD» on strategic cooperation with Russia and the CIS Mikhail Davydov, Tatarstan is considered to be one of the priority regions of Russia with a good industrial potential by an investment company that manages the assets of a sovereign fund of Abu Dhabi.

First Deputy Chief Executive of Tatarstan Investment Development Agency Robert Galiullin
noted that such meetings started to be held in Tatarstan more often. It stimulates an interest of Tatarstan businessmen and entrepreneurs in the topic of Islamic finance and the ways of their attraction. However, the main event on this subject has been and remains International Economic Summit of Russia and Countries of OIC - KAZANSUMMIT. This year, he said, the Minister of Foreign Affairs of the Russian Federation Sergey Lavrov, head of the Central Bank of Russia Elvira Nabiullina and several other high-ranking officials are expected to participate in the Summit.

KAZANSUMMIT Press Service