Rustam Minnikhanov: “Malaysia is becoming a traditional foreign trade partner of Tatarstan”

On February 10, at his meeting with representatives of Malaysian state corporation MATRADE, subsidiary of the Central Bank of Malaysia for development of Islamic finances IBFIM and Unirazak University, Tatarstan President Rustam Minnikhanov said that Malaysia is becoming a traditional foreign trade partner of Tatarstan.

The Malaysian delegation arrived in Russia to study legal and economic environment to carry out technical and economic assessment in order to open “Islamic windows”, launch Islamic bank products and prepare the plan of developing Islamic banking and finances.

Rustam Minnikhanov thanked Malaysian experts for their interest towards the republic and their visit. He noted that it is planned to bring relationships with Malaysia to a new level. “Tatarstan learns a lot from you, especially in terms of attracting foreign investment in economy and using certain Islamic financial tools,” Minnikhanov said.

Tatarstan President also told about cooperation with Islamic countries and OIC. “We are intensively strengthening relations with Islamic countries, issues of developing Islamic finances in Russia are discussed at the annual international economic summit Kazansummit every year,” the President continued.
It was noted that more than 160 million dollars have been attracted to the republic within the framework of Islamic finances.

However, there are some problems connected with the existing legislation and conditions of bank regulation. But considering current economic situation when American and European markets are closed for Russia, Islamic banking is of particular interest.

The parties discussed preparation of “road maps” and feasibility study for developing Islamic banking and finances.