Roustam Minnikhanov: Islamic business principles are of special interest

The International Summit of Islamic Business and Finance has today opened in Kazan. Attendees at the opening were the prime minister of Tatarstan Roustam Minnikhanov and Russia’s official envoy to the Organisation of the Islamic Conference Kamil Iskhakov.

This is the first time the international summit of Islamic business and finance is held in Russia. Its purpose is to provide to the participants the opportunity to establish international business contacts and to attract investments, as well as to examine prospects for business development within the Islamic economic model.

The opening ceremony began with reading the Koran.

“This summit’s distinctive feature is that the representatives from various business entities, prominent global scientists in the field of Islamic economics and finance from Russia, the CIS, Middle East, Europe and South-East Asia have gathered in one place,” noted the Linova investment and finance company general director Linar Yakupov. Delegates from over 20 countries participate in the summit. “I hope the holding of the summit will contribute to the development of Islamic banking not just in Tatarstan, but in other regions as well,” said Mr Yakupov.

The prime minister greeted the guests on behalf of the Tatarstan authorities. “It is a great honour for us to receive the International Summit of Islamic Business and Finance. I am sure our republic supremely well complies with its main aim, to promote innovative economic relations based on international business contacts and to attract investments based on the Islamic business principles,” he said in welcoming remarks.

Roustam Minnikhanov went on to say that Tatarstan had a unique raw-material, industrial and scientific potential. “The republic has a vast industrial potential for producing cars, airplanes, helicopters, ships and industrial goods. Tatarstan has a well-deserved reputation as one of the innovative economically-intelligent drivers of the Russian economy. We often become a centre for designing and implementing new approaches in solving complex social and economic tasks,” added the head of government.

Roustam Minnikhanov presented the largest investment projects run in Tatarstan, including the Taneko oil refining and petrochemical complex in Nizhnekamsk and the Alabuga special economic zone.

He highlighted that the republic was an example of religious and ethnic tolerance, for Tatarstan is home to diverse religions and nationalities.

According to Premier, economic and financial mechanisms based on different principles were of special interest in the time of a crisis. “Many respected economists and businessmen say the world economic system has to be reformed. This is why the Islamic business and finance principles arouse special attention,” holds the official.

“The forum has brought together representatives from various business entities and renowned global scientists in the field of Islamic economics and finance. All that is evidence to the huge potential for cooperation with the Islamic business,” noted Mr Minnikhanov. Many businessmen in the West, he added, are unaware of the Islamic finance principles, which “hinders the establishment of winning partnership.”

“I am confident that holding of the summit will become a substantial contribution to the development of business ties between the West and the East. I expect us to lay a solid foundation for close cooperation over the course of these events,” he concluded.

Russia’s official envoy to the OIC emphasised that hosting a forum like that was very important. “Establishing Islamic economic institutions in Russia will be of unquestionable benefit for the Russian economy and another positive factor for its development,” said Kamil Iskhakov. “Observing common standards of the Islamic financial institutions helps to overcome certain barriers in trade and economic relations between Russian companies and OIC countries firms,” he added.

Mr Iskhakov proposed formulating principles and documents, based on the results of the summit, to use as a foundation for further action.

The Islamic Corporation of Private Sector Development at the Islamic Development Bank’s director and general manager Khaled al-Abudi considers the today’s summit to be an opportunity to strengthen relations between Russia and the Islamic states.

The international event will continue tomorrow. The participants will within a business session be able to get a review of and prospects for Russian and Islamic World’s key industries and to examine some real deals on attracting investments based on the Islamic finance principles. One of the meetings will focus on issues and prospects for small and medium businesses as a key driving force of every economy.

Besides, a display within the summit will offer the participants an opportunity to present their companies and projects.

The organisers are the Linova investment and finance company, Tatarstan, Russia, Islamic Institute for Research and Education, Saudi Arabia, Kuala Lumpur Business School, Malaysia, and Russian Centre for Islamic Economics and Finance, Tatarstan, Russia.