The conference arranged by the Moscow Times, took place on December 10, 2009 in Moscow. The event held under the patronage of the Russia Mufties Council and the Russian-Arabic Business Council attracted delegates fr om the Ministry of Foreign Affairs, Association of Regional Banks as well as representatives of the leading financial institutions, legal and investment companies.
Masroor Haq, Head of Middle East and Africa at VTB Capital, delivered a report “Islamic Finance & Prospects for the Russian Federation” where he pointed out a few directions for attracting international capital from the Arab countries into Russia.
Masroor Haq said: “Islamic bond (sukuk) market has just stepped on the growing path – its volume is under USD 100bn, which accounts for ca. 0.1% of the global bond market. A number of non-Islamic international issuers are focusing on attracting Sharia compliant funds, GE and IFC being recent examples. Russian corporates should also benefit from this avenue by using appropriate structures.”
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