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Edbiz Consulting, a UK based Islamic finance advisory firm has signed a MOU with Islamic Business and Finance Development Fund (IBFD Fund), a non-profit fund for the development of Islamic business and finance in the Russian Federation. Both parties have agreed to collaborate on different projects in relation to the provision and promotion of Islamic finance intelligence for the mutual benefits.

Among the areas of cooperation included in the MoU are:

- Global Islamic Finance Report (GIFR)

The 2015 annual report focuses on “Leadership in Islamic Banking and Finance”. IBFD Fund and Edbiz Consulting will work together for the promotion of the Report in the Russian Federation and also develop the contents of it.

- Global Islamic Finance Awards (GIFA)

An annual awards event organised to celebrate and recognise the achievements of institutions (both banks and financial institutions), academic institutions, individuals in the Islamic banking and finance industry. GIFA 2015 is expected to be organised in one of CIS countries and IBFD Fund will assist Edbiz Consulting in organising the GIFA 2015.

- A nation-wide survey on Knowledge, Attitude and Practices (KAP) of Islamic banking and finance in the Russian Federation

The objective of this project is to quantify the demand for Islamic banking and finance in different regions of Russia. Edbiz Consulting has already carried out this study in Pakistan, which has assisted the government and the central bank in policy development, providing them important intelligence with regards to Islamic finance both from the demand and supply side.

- Islamic financial advisory business

Parties agreed to collaborate on offering Islamic financial advisory to banks and financial institutions in the Russian Federation.

- International Economic Summit of Russia and the OIC Countries (KazanSummit)

Edbiz Consulting as a Strategic Partner will also assist IBFD Fund organising the International Economic Summit of Russia and the OIC Countries (also known as KazanSummit). KazanSummit 2015 is expected to be held on 15-16 of June.

On signing the MOU Prof Humayon Dar, Chairman Edbiz Consulting stated, “This is an important development for the promotion of Islamic banking and finance in the Russian Federation, and we are confident that the joint efforts by two organisations will benefit the Islamic financial services industry immensely. We are proud to be associated with IBFD Fund to champion the cause of Islamic banking and finance”.

Mr Linar Yakupov, President of IBFD Fund stated, “IBFD Fund as a center of competence in Islamic business and finance of Russia is interested in increasing its profile globally and looking to cooperate with an Islamic finance organization based in the European Union. We have a long tradition of engagement with the global Islamic financial services industry and our cooperation with Edbiz is consistent with our previous efforts to promote Islamic banking and finance in Russia and CIS countries”.

This is a memorable MoU that will allow both parties to pursue the joint objectives of promoting Islamic finance development, introduction of ethical business behaviour and financial social responsibility.

About Edbiz Consulting:

Edbiz Consulting Limited is an Islamic finance advisory arm of the London-based Edbiz Corporation. The teams at Edbiz Consulting have offered a wide range of Islamic financial consultancy services to the corporates, governments and multilateral institutions around the world. Its Islamic finance advocacy programme includes Global Islamic Finance Report (GIFR), Global Islamic Finance Awards (GIFA) and Islamic Finance Access Programme (IFAP).

For further information, please contact: info@edbizconsulting.com or +442071479970

About IBFD:

Islamic Business and Finance Development Fund (IBFD Fund), a nonprofit fund for the development of Islamic business and finance founded in 2009 following the results of the first KazanSummit – International economic summit of Russia and OIC countries - to encourage the development of bilateral economic and business relationships between Russia and the Organization of Islamic Cooperation member countries. IBFD Fund's core activities include conduct the development of the Islamic financial services industry in Russia including banking, capital markets and insurance sector by offering business solutions for different entities; educational and training courses on Islamic banking and finance; organizing international business events and coordinating initiatives on industry-related issues, holding of workshop, organising roundtables, seminars and conferences for regulators and industry stakeholders. To this end, IBFD Fund works closely with relevant international, regional and national organisations, research and educational institutions and market players.

For further information, please contact: info@ibfd-fund.com or +78435676060