REDmoney Events in partnership with Islamic Business and Finance Development Fund (IBFD Fund), will organize the IFN CIS & Russia Forum on the 9th of December 2015 in Moscow. The event is expected to draw market players and regulators from key Islamic finance markets globally and within Russian Federation and CIS.
In the last 5 years CIS markets have started an active integration process towards the formation of the Eurasian Economic Union. The treaty on the EEU came into effect on 1 January 2015 and aims to create a powerful, attractive center of economic development. Islamic finance may become one of the strongest driving forces toward effective development of a big regional market that unites more than 170 million people.
Kazakhstan, Kyrgystan and Azerbaijan have developed Islamic banking since 2005 resulting in the creation of number of Islamic financial institutions. On its part, Tajikistan has recently started preparing a draft law on Islamic banking and finance.
Russia as the largest country in CIS is also involved in Islamic finance development process. Among the most important initiatives are KazanSummit held annually since 2009, the foundation of Tatarstan International Investment Company and Eurasian leasing company operating on Shariah principles, first in CIS Murabaha syndicated financing transactions by AK BARS Bank in 2011 and 2014, first takaful product launched by Allianz Life Insurance company in 2015. Latest initiatives are shown also by the largest Russian banks – Vnesheconombank and Sberbank.
The current geopolitical situation provides a further catalyst for Russia to develop its Islamic banking and finance capabilities. The increased interest has now reached high level regulators as evidenced by the recent meeting between Elvira Nabiullina, governor of the Central Bank of Russia and Dr Ahmad Mohamed Ali Al-Madani, President of the Islamic Development Bank.
REDmoney Events, widely recognized as a leader in the organization of Islamic finance forums globally is pleased to partner with the IBFD Fund to organize the IFN CIS & Russia Forum 2015, with the full support of federal and regional government entities.
Linar Yakupov, President of IBFD Fund: «Islamic banking stands a good chance in Russia, since Islamic business is slowly but surely developing here. Large number of initiatives and events are organized in different parts of Russia to move further toward ethical financing instruments, alternative funds and effective and stable economy. Now the CIS market is mature enough to host the biggest international Islamic finance event and join 22 regions in IFN events geography».
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