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    Rustam Minnikhanov: Islamic banking in Russia didn't get a relevant development

    It' s necessary to inform the public about the intricacies of Islamic banking

    Kazan. 15 June. REPORT.AZ/ Kazan hosts the Strategic forum on "Islamic finance for meaningful global trade and investment today."

    Report informs, the event is held in the framework of the VII International economic summit of Russia and the Organization of Islamic Cooperation (OIC) - Kazan Summit 2015.

    As speaking at the forum, Acting President of Tatarstan Rustam Minnikhanov stated, Islamic banking didn't receive relevant development in Russia, but a number of banks are interest in this bank, including Sberbank. Rustam Minnikhanov said, the need to inform the public about the intricacies of Islamic banking. He expressed the hope that, organization of Kazan Summit 2015, as an important tool for cooperation, will strengthen cooperation between Russia and the OIC.

    In turn, the Secretary General of the Organization of Islamic Cooperation (OIC) Iyad bin Amin Madani said that Islamic finance offers a new approach, which is especially important during the financial crisis.

    According to him, the development of Islamic banking leads to the development of investments, avoidance of undesirable speculation, forms of social and ethical behavior.

    I.A.Madani said that the Islamic Development Bank (IDB), a pioneer in the field of Islamic banking and insurance, assisting not only the Islamic countries, but also attracts investors. He noted that the IDB stands ready to assist and Russia, including Tatarstan, as a hub of Islamic finance in Russia.

    Annual International economic summit of Russia and the OIC - Kazan Summit-2015 is helding on June 15-16 in Kazan.

    Kazan Summit is the main platform of economic cooperation between Russia and the Islamic world. For the first time the International Economic Summit of Russia and member countries of the Organization of Islamic Cooperation (OIC) was held in 2009, creating a leading international platform to discuss cooperation and joint projects. Since 2010, the main organizer of the Kazan Summit is the Foundation of Islamic Business and Finance (IBFD Fund). Annual International Economic Summit of Russia and member countries of the OIC held with the support of the Council of Federation of the Federal Assembly of the Russian Federation and the Government of the Republic of Tatarstan.

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