Increase of authorized capital of Euroasian Leasing Company (ELC) up to $10 million will be announced within the 5th International Еconomic Summit of Russia and OIC countries -KazanSummit 2013 in October.
Increase of authorized capital of Euroasian Leasing Company (ELC) up to $10 million will be announced within the 5th International Еconomic Summit of Russia and OIC countries -KazanSummit 2013 in October.
ELK aims to facilitate a new leasing product in Russia – idjara (Islamic leasing), which is both Shariah-compliant and conformed to the Russian law. The founder of this company is Tatarstan International Investment Company, which is beholden to KazanSummit for its existence. The first KazanSummit resulted in signing the Memorandum of TIIC establishment in 2009. Investment and financial institutions from Yemen, Kuwait, Malaysia and Saudi Arabia are shareholders of TIIC.
Increase of authorized capital of ELC occurs as “RT-Invest” investment company is becoming a co-founder with the share fraction of 25%. Earlier “Ak Bars bank”, which had had an experience of working with Islamic finance products (murabaha), has announced about a stake in ELC with the share fraction of 10%.
All things considered, KazanSummit acts as a launch pad for Islamic finance development within the Republic of Tatarstan. Organizing Committee of KazanSummit 2013 invites representatives of finance and government institutions of Russian regions to take part in KazanSummit 2013. Participation in this event will let them learn more about Islamic finance opportunities and get acquaintance with success stories of colleagues from Tatarstan.
KazanSummit Press Service
Contacts |
Русский
