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| Russia's first intl Islamic business summit opens in Kazan |
| Itar-Tass/ PTI / Kazan Jun 26, 2009, 12:54 IST |
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Russia's first International Islamic Business and Finance Summit has begun in Kazan
It "will create grounds for economic cooperation", noted Khaled M Al-Aboodi, CEO of Islamic Corporation for the Development of the Private Sector of Islamic Development Bank Group, Saudi Arabia.
"We are building a bridge between the Islamic world and Russia. Close economic cooperation will help to overcome blows of the world crisis," the bank CEO emphasised.
He suggested that Russian companies should make use of advantages of the Islamic finance system and establish ties with the Bank.
"Russia, having become an observer at the Organisation of the Islamic Conference (OIC) since 2006, expands actively cooperation with the Islamic world," said Kamil Iskhakov, Russian representative in the OIC.
Islamic finance system, represented by 300 banks with the total capital of $700 billion is expanding its offices in European countries, especially in Britain and France.
In Iskhakov's opinion, Russian business should turn to the second stage and establish closer cooperation with the TIC, which will yield great advantages.
The forum which began on Thursday will last two days and is being attended by businessmen, bankers, scholars and heads of over 50 companies from 20 European and Asian countries, including Britain, Netherlands, Indonesia, China, Luxembourg, Russia, Turkey, France and CIS states.
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