VTB Capital acted as co-sponsor on the Kazan Sukuk Summit 2011 held in Kazan on 24 March, 2011.
The conference was attended by representatives of the governments including the Prime Minister of the Republic of Tatarstan, regulators and international banks from Russia and other CIS countries, Europe, South-East Asia and Middle East.
Masroor Haq, Head of Middle East & Africa together with Zaid Maleh, Director Global Banking Middle East & Africa at VTB Capital, took part in the conference.
The Summit focused on the prospects of Islamic Investment Certificates known as Sukuk (equivalent to conventional bonds) as a tool for developing regional infrastructure and the ways in which Sukuk can be used in a modern context.
Zaid Maleh gave a presentation titled “Sukuk - An Alternative Funding Tool” in which he highlighted the potential for Sukuk in Russia, outlined the opportunities and challenges for issuers and investors as well as gave an outlook on the prospects of the industry in Russia and CIS.
According to Mr. Maleh’s presentation, the Islamic Finance industry has reached a critical size of US$1trillion and may hit US$2.5trillion by 2015. This is in accordance with the industry's continous annual growth of 15+% per annum. Furthermore, global Sukuk issuance reached an impressive volume of US$200billion and it is a matter of time till the 1st Sukuk out of Russia hits the international markets'.
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