KazanSummit-2016. Tatarstan may become a pilot region for partner banking project implementation in Russia
The work of the field editorial board of Realnoe Vremya at the largest business forum in Tatarstan
On 19 May, VIII International economic summit 'Russia – Islamic world: KazanSummit-2016' started its work in Tatarstan. The Kazan forum has become from the site for discussion on finances on the principles of sharia to one of the key platforms for building up the interaction between Russia and countries of the organization of Islamic cooperation.
Business centres of totally new format
The President of the company Alliance Sherif Kamel said that his company will open it business center in Kazan Korston in a month. By 2018, there will be other two project centres.
'It will be a totally new format, because you don't have in Tatarstan our service. We are dealing with full complete solution, logistics for the client. Every client coming from overseas need to open business, he do it here. We arrange the office, staff, legal advice – everything we do so the company come only do business,' said Sherif Kamel.
The prospects of Tatarstan and Egypt
The President of the North African region and the chairman of the Association IBIA Ahmed Galal Eldin said that last year he stated of the need to transfer everything mentioned on the forum offers into action in order to build a real solid business.
In his opinion, Tatarstan has a great potential for cooperation with the Islamic countries, especially with Egypt.
Future relations on historical basis
Deputy Minister of economy of Arab Emirates Abdullah Ahmed al Saleh thinks that the possibilities of Islamic business are very wide. He also noted the historic partnership with Russia. Based on them, the Islamic world can cooperate with Russia in the future. However, there are difficulties in political and economic sense yet.
There is always a choice
The leading specialist of the Department of Islamic financial services at Islamic development Bank IDB Haseeb Ullah Siddike told Realnoe Vremya that in the world there are different models of introduction of Islamic banking. However, he refused to recommend some of the behavior models for Russia: 'It is a decision of the government and the Central Bank. Because as I said, there are many examples. And the Russian Federation can choose which model to follow.'
Halal tourism
We talked to the President of the World Halal Council Sheikh Zafir Najjar about the importance of Halal tourism and the prospects of the market of Halal products. Also, we touched upon the topic of terrorism. According to the Sheikh, no religion teaches to take away life, it teaches to respect it.
Lo learn from the masters
The director for exports support and foreign trade in DED, Dr. Adib al-Afifi advised Russia and Tatarstan to learn from the best world experience on working with Islamic finances. KazanSummit is a good platform for dialogue between business and authorities.
Austrian acquaintance
The main news editor of the Austrian business channel Monitor-TV Thomas Abver told the field editorial board that he knows that Kazan is considered to be the third capital of Russia. He also told about Austrian Muslims.
'Daesh – the cream all terrorist ideology'
The director of the Center for studies of the Quran and Sunna of Tatarstan Farid Salman Hazrat believes that banned in Russia 'Islamic state' contains the features of almost all terrorist ideologies.
New opportunities for Uganda
'The summit provides us with a very big opportunity to have a collaboration between our Muslim youth of Uganda and Muslim youth of Kazan. <…> We think Uganda will benefit so much,' noted the Uganda Ambassador extraordinary and plenipotentiary in the Russian Federation, Ukraine, Belarus and Moldova doctor Moses Ebuk.
KazanSummit as the place of meeting
The director of Shipping Services Tony Dugger came to KazanSummit to meet new partners from different countries: 'It is good opportunity to meet people.'
Islamic banking according to Kazakhstan patterns
The director of the Russian center of Islamic Economy and Finance at the Russian Islamic Institute, Vice-President of the Muslim Entrepreneurship Association of Russia Rinat Gabbasov told about the expansion problems of the testing sites of the Islamic (partner) banking.
According to him, the idea of testing the mechanism in one particular finance company is not profitable. We should follow in the footsteps of Kazakhstan, which has created and implements the international financial center of Astana.
'That is, the entire city will operate under English law, in order to protect the interests of investors. For investors it is an additional guarantee. The IFCA has implemented a quota which at least 10% will be Islamic finance, in order the money would come from the Middle East. And the IFCA is positioned as a hub.'
Nothing prevents Tatarstan not just to copy but modify this initiative and to make it. Probably, it is necessary to take the whole territory, to make like the special economic zones the territory with special conditions, in order to work out, as a pilot region, the mechanisms of implementing Islamic financial institutions and instruments.
After that, we can talk about the practice, which, if successful, could be extended to other regions as well. But for this you should apply to our partners, to their positive experience.'
Halal medicine vs. Policy
Another guest of the mobile studio was a coordinator for investments and business development in CIS countries of the network of clinics Acibadem Dr. Serdar Nurmedov. According to him, the prospects of Muslim medical services are huge.
'We need to make some subjective, so to say, steps. I can say that within three years it [the development of the Halal medicine market —editor's note] is possible. Of course, it depends on the heads of the Republic of Tatarstan. But we would be glad and would really like to be a part of this project,' he said.
He explained that initially Acibadem was going to open a medical centre in Tatarstan. So, the cost of the project amounts to millions of dollars. He refused to name a more specific amount: 'Even an approximate cost is not very right to announce from the commercial point of view.'
He also noted that he sees no problem in cooperation between Tatarstan and Acibadem even in terms of sanctions: 'I would like to point out that medicine has always been and should be apolitical, even above the politics. If there is a friendship between two countries, it needs to be done by maybe not politicians but doctors. Medicine should bring people together, I think.'
The peoples of Turkey and Tatarstan have very much in common (religion, language, culture). When we have so much in common, why focus on some disagreements?'
The discussion of the construction project of the Acibadem clinic in Tatarstan was in 2013. Then, in May, the Prime Minister of Tatarstan Ildar Khalikov offered the company to choose the location of a clinic. The parties were considering the possibilities: either to build from scratch or to locate on ready-made objects. However, the work stalled at the stage of the financial question.
'The party of Satan'
Before the official work of the sessions of KazanSummit-2016 the mufti of Tatarstan Kamil Hazrat Samigullin answered to the questions of Realnoe Vremya. They talked about the combating extremism and the problem of the banned in Russia 'Islamic state' (Daesh), which will also be raised this year at the summit.
'At many broadcasts I told about the problems of Daesh, that it is the party of Satan, about they are hellish people, that they are far from Islam – this is what we are constantly keep saing,' said the mufti.
Kamil Samigullin added that the complex of measures is needed to fight with the ideology of Daesh. Accounts blockings of extremists in social media are not enough: 'We need complex measures. If the youth is in Facebook – we should be there already. If it goes to Twitter – we should be there, too. We need to fill this vacuum'.
Started with the theory of Islamic finances
The forum starts its history from the International summit of Islamic business and finance, held in Tatarstan in the midst of the crisis in June 2009. Its ideologist was Linar Yakupov, then Director General of IFK Linova and the director of the Russian center of Islamic Economics and Finance (RCIEF) at the Russian Islamic Institute, and then the first head of Tatarstan Investment Development Agency. The purpose of the summit was the search for specific investors, as well as the creation of environment for attracting Islamic funds to the economy of the country and the Republic. Islamic finances have been recognized as one of the models of abandoning the economy of speculative schemes. The organizers managed to attract 250 participants from Saudi Arabia, UAE, Morocco, Malaysia, Indonesia, Pakistan, Qatar, Lebanon, Bahrain, Sudan, UK, France, Luxembourg, Turkey, Kazakhstan, Kyrgyzstan, Azerbaijan and, of course, Russia.
Despite the fact that the result was only the signing of a protocol of intentions to create the first Russian Islamic investment company, the basis for the work has been done. Next year the summit was held under the patronage of RT President in then actually turned into an annual event in Russia and Organization of Islamic cooperation (OIC).
The main platform for economic interaction of Russia with the Islamic world
The eighth KazanSummit, although it maintains the tradition of all previous years, has received a fundamentally new value. And this has been promoted by several factors. First, in Tatarstan there was a practical basis, which allows duscussing with Eastern investors the steps to develop Islamic banking: this year in Kazan there has been opened the Centre of parner banking. Secondly, the vision of the summit has changed. Last year the banner of KazanSummit was taken by new head of the Investment Development Agency — Taliya Minullina.
'We are increasing the importance of the event. If we really want to make a platform where the subjects of the Russian Federation have a possibility of open dialogue with the countries of the organization of Islamic cooperation, we need to involve the regions of Russia,' said Taliya Minullina in an interview with Realnoe Vremya.
This understanding of KazanSummit exists at the federal level as well. So, in February of this year, the official representative of the Foreign Ministry of Russia Maria Zakharova said that 'Russia – Islamic world. 2016' will become the main platform of economic interaction of Russia and countries of the Islamic world.
On the basis of a new understanding, a huge work has been done on promoting the Forum. Rustam Minnikhanov was, perhaps, the main promoter of the event, having held most of the meetings with potential participants personally. It is enough to recall his activity at the meeting in Dubai.
From Daesh to IT start-ups
This year the agenda of the forum ' Russia – Islamic world: Kazansummit-2016' covers different spheres. First and foremost, it concerns the investment cooperation between Russia and the countries of the Organization of Islamic cooperation. This will be the main topic at the plenary session, and at the III Forum of development institutions. A separate round table discussion will be devoted to the existing Russian-Arab projects.
The discussion of partner and Islamic banking will be held at four sites at the same time within two days. This is the first year when the special attention will be paid to the Russian, or to be more exact, the Tatarstan experience.
At the summit, along with the traditional Islamic economy themes (Halal products, waqf) they will discuss the issues of the IT industry. There are two venues allocated for the discussion of IT-startups.
In addition to the economic issues there will be political agenda. So, the Forum will be opened with the scientific-practical conference 'Media online: countering Daesh in the information space' (the organization banned in Russia).