Prospects for Econonic Cooperation between Russia and Malaysia

A working group of Heads of LLC Linova-Trade, IFC Linova and a 
non-profit organisation for the Development of Islamic Business and
(IBFD Fund), recently completed a trip to Malaysia. The purpose of trip was to outline
detailed formats and areas of cooperation with representatives from
Islamic business and finance in South-East Asia.

The issues discussed were the forthcoming summit of the II International
Islamic Business and Finance, held in the city of Kazan on June 27-29
this year, and inviting participants from Malaysia. Organizer KAZANSUMMIT’10 – a
non-profit Foundation for Development of Islamic business and finance –
presented the plan for the event and received approval and support among
the representatives of the financial structures of Malaysia.

‘In my opinion it is a unique format for the summit – strategic investment, and
the Halal Economic Forum – and is the most effective tool for establishing
business and investment contacts, promotion and development of Islamic
finance and business in Russia and CIS countries ‘,
said the representative of the Central Bank of

Separate group talks were held between the leadership of IFC Linova, with Russia’s hand, and a group of international and Malaysian
regulators: IFSB (the Council for the Islamic financial services), the
Central Bank of Malaysia, MIFC (Malaysian international Islamic
financial center), IBFIM and major financial institutions: EXIM Bank,
Kenanga International Investment Bank, RHB Islamic Bank.

The talks focused on preparations for the forthcoming issue of
securities sukuk by Russian issuers on the Stock Exchange of Malaysia, to
attract private investment in projects in Russia, providing
collaborative consulting services to financial institutions wishing to
start Islamic banking products in Russia market.

The next series of negotiations took place on Russia’s initiative
and were aimed at discussing the International Exhibition ‘KAZANHALAL
2010’, to be held in the framework of the II Summit of the International
Islamic Business and Finance.

Attending the talks LLC Linova-Trade (a specialized company in
export-import operations of Halal products and services), MATRADE
(Malaysian state agency for promotion of exports), ICIEC (Islamic
Corporation for Insurance of Investment and Export Finance), HDC
(Corporation for the development of halal industry in Malaysia) and 15
producers who are ready to cooperate on the supply of halal products to

After the talks, all parties noted that “this exhibition has
enormous potential and will have a positive impact on the development of
halal industry, not only in Russia but also in the world.”

Special Correspondent.