Russia celebrates a decade as an observer member of the OIC

Speaking on the sidelines of the Tunisian Investment forum, Linar Yakupov, President of Association of Regional Investment Agency of the Russian Federation, as well as President of the Islamic Business and Finance Development Fund stated Russia is seeking more cooperation between OIC countries and regions of the Russian federation.

Mr Yakupov said Islamic finance has gained momentum whereby it has become a global instrument and facility to improve trade and investment, and that Russia was keen to tap its development.

A rising domestic Muslim population estimated at 17 million, as well as ambitions to tap alternative sources of investment and funding is driving a Russian push to develop its expertise in Islamic finance.

Recent developments include a draft law supported by Russian banks who lobbied the central bank on allowing Islamic finance institutions to enter the Russian market, as well as a recent agreement between Russia’s National Rating and the Islamic International Rating Agency to jointly rate sharia-compliant products.

Kazan Summit

Russia is celebrating 10 years as an observer member of the Organization of Islamic Cooperation (OIC) and on 15 and 16 June the seventh Kazan summit will be held in Kazan which is located in the North-West of Tatarstan.

The Kazan summit is an economic summit of the Russian Federation and member countries of the OIC. The summit was established in 2009 and has been held under the patronage of the Government of the Republic of Tatarstan since 2010. Beginning in 2012, Kazan Summit is also held with the support of the Council of the Federation of the Federal Assembly of the Russian Federation.