First investment company working in compliance with the Shariat is being created in Tatarstan

RT Prime Minister Rustam Minnikhanov is in Bahrain to take part in the first meeting of founders of Tatarstan International Investment Company which should operate in compliance with the Shariat principles. The meeting was organized by Islamic corporation on development of private sector – a member of Islamic development bank, and company IFC “Linova” (Russia, Kazan).

Within frameworks of the meeting, the founders of Tatarstan International Investment Company and investors from countries-members of Islamic development bank got acquainted with economic potential of Tatarstan.

The event was held timed to the 16th World Islamic bank conference. Its co-chairman were Manager and CEO of Islamic corporation on development of private sector Mr Khaled Al-Abudi and RT Prime Minister Rustam Minnikhanov.

“Creation of investment company will be very essential for trade, investment and economic cooperation between countries-members of Islamic corporation on development of private sector and republic Tatarstan”, - Mr Abudi said.

In the course of meeting founders of Tatarstan International Investment Company defined the following priority areas for investment: infrastructure, telecommunications, agriculture, finances, estate property, mining and processing industry, power industry, and service.

“This meeting makes us closer to creation of innovative enterprise. We have always considered that such cooperation is important for republic since it is a significant contribution into national development”, - Rustam Minnikhanov said.


For information:

Islamic corporation on development of private sector is an international organization, a member of Islamic development bank. It was founded in November, 1999 for the purpose of helping to economic development in participating countries in compliance with the Shariat principles.

The organization assists in formation, expansion and modernization of economy in participating countries by financing infrastructure projects. Projects are selected on the basis of their contribution into economic development. The priority factors are jobs creation and contribution into exports development.

The corporation renders consulting service for the government and business groups on issues of developing market of capitals, adoption of the best methods of management and strengthening market economy role. 29 countries were the objects of company’s activity for the end of August, 2009, including 9 regional projects with total sum of investments 1,37 bln. dollars.

OOO IFC “Linova” was founded in 2006 in Kazan for rendering services in the sphere of investment banking and financial consulting in compliance with the Shariat regulations. Among the most significant projects of OOO IFC “Linova” in the sector of Islamic finances are the following: holding of the first International summit of Islamic business and finances, creation of Russian centre of Islamic economy and finances under Russian Islamic University, development and issue of “Guide for Islamic finances in Russia”, development of project of the first Halal industrial park.

OOO IFC “Linova” initiates establishing of Tatarstan International Investment Company and develops project feasibility study.