News HOT NEWS RUSSIA Comments Market Research

28 October, 2014 at the Bashkortostan Council the roundtable “Development of Islamic finances in region: role at investment attraction” had been held. Quriltai of Bashkortostan Republic, Institute of economics, finances and business of BashFU, Eurasian Center “Samrau” were organizers of the event. The aim of the event was discussion of perspectives of investment attraction by Islamic rules to Bashkortostan Republic and possibilities of Islamic finances development in the region.

28 October, 2014 at the Bashkortostan Council the roundtable “Development of Islamic finances in region: role at investment attraction” had been held. Quriltai of Bashkortostan Republic, Institute of economics, finances and business of BashFU, Eurasian Center “Samrau” were organizers of the event. The aim of the event was discussion of perspectives of investment attraction by Islamic rules to Bashkortostan Republic and possibilities of Islamic finances development in the region.

Reports about conditions of economy in Republic and level of foreign investments have been made by representatives of regional ministries.

R.R. Ahunov director of Institute of economics, finances and business of BashFU, R.G. Iskudjin, chairman of Eurasian Center “Samray”, first deputy chairman of Muslim Religious Board of RB Ayup hazrat Bibarsov, director of department of economics SMR Kalimullina M. E. lecturer of BashFU, Kashapov M. D. member of coordination council of RAEIF R. Vakhitov and others had made key reports.

Namely, member of RAEIF Madina Kalimullina noted that development of Islamic finances and its legal framework should be done in levels of large investment projects including sukuk emission and licensing of Islamic banking, and also at level of micro financing institutions. “It is very important to start implementation of Islamic economy and finance educational programs at different level. We have positive experience, which we’d like to share” – stated M. Kalimullina.

Foreign participants also had taken part at conference by means of TV link-up. Mr. Abdalov, representative of “Sadad” company, UAE, has made report about instruments of Islamic investment attraction. He has offered to concentrate the efforts in attraction of one of the large banks of the Gulf countries. Sharia expert of Islamic finances of Kazakhstan, Kairgaliev M. M. had reported about current conditions of development in Kazakhstan.

Successful experience of Tatarstan Republic had been mentioned many times. Experts consider that the reasons of unsuccessful efforts of investment attraction are non-professional approach to preparation of business plans, ignorance of specific features of business intercourse of Islamic countries, non-sufficient mental constituent of business and its management. Mr. Iskudjin has underlined the lack of management experience and offered to study and adopt experience of Malaysia.

Source: MuslimEco.ru