Rustam Minnikhanov at the KazanSummit: Tatarstan is open for cooperation and ready to support foreign investors in implementing projects on the principles of partnership banking

On May 20, speaking at a plenary session of the 8th International Economic Forum “Russia – the Isamic World: KazanSummit 2016” said that the forum is the leading platform for the development of economic cooperation between Russia and its regions with Muslim states.

The theme of the plenary session is “New Architecture of the world economy: prospects of the OIC Financial industry in the Russian Federation ".

The KazanSummit is being held  at the Korston Hotel and Entertainment Complexin Kazan on May 19-20, 2016 .  According to organizers, representatives from more than 50 countries are taking part in the event. 

Minnikhanov thanked the Russian State Duma, the Federation Council, and Russian Foreign Ministry for their assistance in holding the event. He also expressed his gratitude to the Organization of Islamic Cooperation (OIC), the Islamic Development Bank, and the OIC Youth Forum for the support of initiatives of the republic.

The Kazansummit joins together efforts of government officials, experts, scholars, and business representatives from many countries to strengthen Russia's ties with the Islamic world, to exchange views, experiences and best practices in establishing business contacts and to reach agreements on specific investment projects.

Minnikhanov reminded that the importance KazanSummit was one more time emphasized at a business forum within the framework of the Russia-ASEAN summit, which took place in Sochi on May 19, 2016.

Minnikhanov also said that Vladimir Putin is paying serious attention to Russia's cooperation with the countries of the Islamic world. At Putin's initiative, Russia became an OIC observer state in 2005.

Rustam Minnikhanov noted that the role of the Islamic and partnership banking is growing in the world. "Today, the Islamic finance sector is one of the fastest growing in the world. Its annual growth makes 15-20 per cent. This allows Islamic banking to be one of the effective tools in financing economic development - an important component of the overall financial market. The successful implementation of a number of Islamic banking projects in Ireland, Luxembourg, the UK and other European countries shows that financial partnership instruments are in demand in the West as well. Moreover, the partnership banking is rapidly developing in a number of CIS countries, first of all in Kazakhstan. At the same time in Russia this area is lagging behind the global practice and does not show the required dynamics. At the same time there is a growing interest in our country to this form of work, which will allow people to get banking and financial services in accordance with ethical principles," he said.

"The work on implementing a number of large-scale infrastructure and investment projects  meeting the laws of Islam, with the assistance of our partners from the Islamic Development Bank, Sberbank, Vnesheconombank and other international financial institutions is underway in the republic. Tatarstan is open for cooperation and ready to support foreign investors in implementing projects on the principles of partnership banking, " Minnikhanov said.