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Russia is going to set up a pilot project on Islamic banking


One of the most developed regions of Russia – the Republic of Tatarstan is a good platform for project realization.
Russia is going to set up a pilot project on Islamic banking
The plans of development of Islamic finances in Russia have been announced during the meeting of assigned group under the President of Russia responsible for Eurasian integration in MGIMO (Moscow State Institute of International Relations).

According to Sergei Glaziev, the adviser of the President on issues of integration development within Eurasian Economic Community customs union, the pilot project of Islamic finance development can be set up in Tatarstan.

Mr. Glaziev also added that some country-members have already started to use elements of Islamic finance, in spite of unusual subject for European integration issue. In this regard the results of discussion within the workshop will be presented in presidential economic council as an alternative way to overcome the currently crisis of banking technologies.

It should be noted that representatives of banking community and experts of Islamic finances from Malaysia and Singapore has also taken part in the discussion as the potential partners. They are interested in investment projects in EurAsEC and Islamic finance development in Russia.

Linar Yakupov, Adviser to the Prime Minister of the Republic of Tatarstan on cooperation with Islamic financial institutions, the President of Islamic Business and Finance Development Fund (IBFD Fund) has made a comment on the possibility of pilot project on Islamic banking in Tatarstan: “Tatarstan Republic went further than other Russian regions. Infrastructure of Islamic financing in Tatarstan includes Islamic Business and Finance Development Fund (IBFD Fund), Tatarstan International Investment Company (TIIC), Eurasian Leasing Company (EALK), Ak Bars Bank, “Amal” finance house, “Alliance Life” insurance company and others. Russian center of Islamic economy and finances (RCIEF) is educational component of this structure. Number of the person involved in Islamic finance field in these organizations is more than 60. It makes it possible to note that Tatarstan makes a base for Islamic financial industry. Then region may be the area of financial activity based on ethical approach”.

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Malaysia's fast-growing Islamic finance sector benefits not only the Muslim world but also non-Muslim countries, said former Prime Minister Tun Abdullah Ahmad Badawi.

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