Prime Minister of Republic of Tatarstan Rustam Minnikhanov: “Under conditions of world financial crisis Islamic principles of holding business attract more and more”

Rustam Minnikhanov said this during opening of international summit of Islamic business and finances in Kazan that under conditions of world financial crisis Islamic principles of holding business attract businessmen more and more and cooperation with Islamic banking has immense potential.

Opening ceremony started from reading Holy Koran.

Representatives from 20 countries all over the world have gathered at forum. Such an event was held for the first time. It was organized by Islamic financial consulting “Linova” (Tatarstan), Islamic institute of research and education under Islamic bank of development (Saudi Arabia), Kuala Lumpur business school (Malaysia) and other organizations.

The idea of holding such summit in Kazan appeared by results of international investment conference that was held in June 2008.

Chairman of organization committee of the summit Linar Yakupov stressed that we managed to gather investors, businessmen, scientists in the sphere of economy and finances from around the world. It will positively influence development of Islamic business and finances. It is planned to hold this event annually.

Tatarstan Prime Minister Rustam Minnikhanov presented the most interesting investment projects, which are being currently realized on the territory of Tatarstan. He considers that the main purpose of forum is development of business relations, attraction of investments based on Islamic principles of business holding.

Official representative of Russia in Organization of Islamic Conference (OIC) Kamil Iskhakov noted that policy of Russian Federation is aimed at strengthening interaction with Islamic world.

In June 2005, Russia received a status of supervisory country in Organization of Islamic Conference, permanent representative office of Russia in OIC was founded in 2008 (Jiddah, Saudi Arabia).

Director and chief manager of Islamic corporation of public sector development of Islamic bank of development group Mr Khaled Al Abudi said that all initiatives mentioned at summit will be supported by Islamic bank of development. He noted likewise that current economic situation demonstrated stability of Islamic financial institutions.

International summit of Islamic business and finances in Kazan will last for 2 days on 25-26, June. Buisness sessions, round tables, press conferences will be held on the territory of “Grand Hotel Kazan”