Daily News,
Thursday 04 February, 2010

A working group of Heads of LLC Linova-Trade, IFC Linova and a non-profit organisation for the Development of Islamic Business and Finance (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 Malaysia

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 Russia.
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