Borrowing Islamic business and financial models
The International summit called “Kazansummit-2011, held in Kazan, the capital of the Republic of Tatarstan has discussed how Russia, which has a large population of Muslims can use the economic and business experiences of Islamic countries to advantage.
Representatives of the Islamic World and European economists participated in the summit. Among the important tasks of the Forum was defining the future of cooperation between Russia and the Muslim countries in the CIS, the Middle East, South East Asia and Europe. The Islamic economies have a huge potential, and Russia is anxious to use that potential for its benefit, and attracting investments to the country’s economy is a state priority. Undoubtedly, the Islamic countries have high investment possibilities, and according to the Standard and Poor’s rating agency, Islamic money will account for about 4 trillion dollars of the global market by 2016.
In recent times, Russia and the Islamic world have been moving closer due to several reasons: Dynamic development of both sides and the search for new markets. Closer cooperation between Russia and the Islamic countries is helping Tatarstan, which has a large Muslim population, says Rustam Minnihanov, leader of the Republic.
“Tatarstan has a rich history of relationship with the Islamic countries and hence the Republic is closely involved in the process of closer cooperation between Russia and the Islamic nations”, Minnihanov said. We are proud that our historical cooperation and the spiritual affinity with the Islamic world are of use to our country, he said.
Addressing the summit in Kazan, Nazir Ahmed, a member of the British House of Lords, compared the Western and Islamic models of economy and said that the summit in Kazan will help their collaboration.
Some specific agreements were reached in Kazan. Members of the delegation from Malaysia spoke about the prospect of cooperation with the Russian large distributor of Halyalny goods and services, and the possibility of the construction of a chain of Shangri-la hotels in Kazan is equally being contemplated. The guests from London have proposed the establishment of a branch of the British Institute of Technology and Electronic Commerce in Kazan. The Foras Investment company has announced the attracting of 50 million dollars private investment to Tatarstan together with partners, for the development of projects in nano technology and Information Technology. A center which is to rent out equipment and machinery to small and medium businesses, is also being planned for Kazan.