International Islamic Business and Finance Summit - Kazan, Russian Federation

For the first time in Russia, the International Islamic Business and Finance Summit was organized in Kazan City (Tatarstan Republic, Russian Federation), by IFC Linova together with Kuala-Lumpur Business School (Malaysia), the Russian Centre of Islamic Economics and Finance (Tatarstan Republic, Russian Federation), and the Centre of Perspective Economic Research of the Academy of Science of the Republic of Tatarstan (Russian Federation), which took place at 25th- 26th of June 2009.

The Summit is supported by the Islamic Development Bank (Jeddah, Kingdom of Saudi Arabia) and the Government of the Republic of Tatarstan (Russian Federation).

The aim of the Summit was to provide participants of the Summit with the opportunity to establish international business contacts and attract investments, as well as to study the prospects of business activities within the framework of the Islamic economic model.

The unique feature of the Summit was that it gathers in single venue the representatives of different business institutions and world-renowned scholars in Islamic economics and finance from Russia, CIS countries, the Middle East, Europe and Southeast Asia.

Among the VIP-participants of the Summit were:

• Official representative of Russian Federation in the Organization of the Islamic Conference Mr.Kamil Iskhakov,
• Chairman of the Government of the Republic of Tatarstan Mr. Roustam Minnikhanov
• First Deputy of the Chairman of the Government of the Republic of Tatarstan Mr. Boris Pavlov
• Minister of Economy of the Republic of Tatarstan Mr. Marat Safiulin
• Tatneft  (Tatar Oil) JSC Director General Mr. Shafagat Takhautdinov (Russian Federation)
• Managing Director and CEO of the Islamic Corporation for Private Sector Development Mr. Khaled M. Al-Abudi (Kingdom of Saudi Arabia)
• Chairman of the Board of Tanmiyat Investment Group Mr. Souleiman Abloulaziz al-Madjeed (Kingdom of Saudi Arabia)
• Secretary General of the Organization of the Accounting and Auditing for Islamic Financial Institutions, Dr. Muhammad Nedal Alchar (Kingdom of Bahrain)
• Secretary General of the General Council of Islamic Banks and Financial Institutions (CIBAFI) Mr. Ezzedin Khoja (Kingdom of Bahrain)
• Secretary General of Bahrain World Economic Summit (BWES) Mr. Salman al-Sheiba (Kingdom of Bahrain)
• Deputy Minister of International Trade and Industry Mr. Tun Muhriz Mahadhir (Malaysia)
• President of Kuala Lumpur Business School Professor Sudin bin Haron, (Malaysia)
• Head of the International Shariah Research Academy Mr. Akram Laldin (Malaysia)
• Vice President of the Bank of Asia Mr. Chenk Karachoglu (Turkey)

Within the framework of the business session the participants were able to get an overview of the current situation and prospects for development of the main sectors of Russia’s and CIS countries’ economies, get acquainted with the real practice of funds raising deals based on Islamic principles. A separate block of the session was devoted to the current situation and development prospects for Islamic financial institutions in the world and Russian Federation. Special attention was paid to the problems and prospects for development of small and medium enterprises as these play the key role in the development of any economy.

Participants of the Academicians’ session were able to get answers for the current questions concerning the operation of the modern Islamic economic model directly from the world-renowned scholars in Islamic economics and finance. Another part of the session were devoted to the issue on how this model can be a real alternative to the modern economic and financial systems and to what extent it can resist to the global financial crisis.

In the framework of the Summit an exhibition was organized to provide its participants with a platform to present internationally their companies and projects.

Opening of the Summit was accompanied by recital of Holy Quran.

Chairman of the Government of the Republic of Tatarstan Mr. Roustam Minnikhanov in his opening speech had represented the most interesting investment projects now in progress within the territory of Tatarstan Republic. He said that the most important goal of the Summit is the attraction of investments based upon the principles of Islamic banking and business. Today the interest to Islamic banking has raised tremendously due to world economic crisis and therefore the Summit is able to provide assistance in establishing of contacts with business communities of Moslem countries, scrutinizing of their knowledge and experience. 

Mr. Khaled M. al-Abudi, Kingdom of Saudi Arabia, in his interview for Russian Information Agency said, that Russian Federation is very attractive for foreign investors. Islamic world heeds to the development of political and economical alterations in Russia and growth in prosperity of its citizens. Therefore, it should be logical to offer for Russian party mutually beneficial joint project.

Mr. Salman al-Sheiba, Secretary General of Bahrain World economic Summit have traced several historical and geopolitical parallels between Bahrain and Tatarstan, which may be useful for future international co-operation.

During the second day of the Summit the guests and participants have visited the main pearl of Kazan City – Koul-Sharif mosque and participated in Friday prayer.

After coronation of the main Summit arrangements Managing Director and CEO of the Islamic Corporation for Private Sector Development Mr. Khaled M. Al-Abudi, Kingdom of Saudi Arabia and Chairman of the Board of Tanmiyat Investment Group Mr. Souleiman Abloulaziz al-Madjeed, Kingdom of Saudi Arabia, have visited Elabouga special economic zone, where they were informed about current conditions created for foreign investors.

In relation of foreseeable human recourses necessary for realization of international business projects Secretary General of Bahrain World Economic Summit Mr. Salman al-Sheiba, Kingdom of Bahrain and the founder and current President of Kuala Lumpur Business School Professor Sudin bin Haron, Malaysia, have signed Protocol of Intent relevant to mutual activity in the training of personnel for joint ventures.