22 June 2011, 17:16

Borrowing Islamic business and financial models

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.

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.  

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