KAZAN, Tatarstan: The Republic of Tatarstan is very keen to incorporate Islamic banking into its financial system and is interested to learn it from Malaysia.
Malaysian Ambassador to Russia, Datuk Zainol Abidin Omar said the matter was currently being discussed at the federal government level as financial and monetary control is under the federal government of Russia.
However, he said the Malaysian Embassy together with related agencies would assist the Government of Tatarstan in this respect as the latter was very interested in Malaysia's success in the issuance of sukuk particularly for projects in the construction sector.
This, he added, would be an opportunity for them to exchange experience with regards to raising funds via sukuk, since Malaysia is the biggest player in the sukuk market.
"We understand it is being discussed intensively at the federal government level so I think once things have been worked out, then we will be able to see the implementation of Islamic banking, not a total change over from the conventional banking to Islamic banking but it’s just like in Malaysia where we
have the opportunity to do Islamic banking as well as conventional banking," he said.
He was speaking to Bernama after the opening of Malaysia Services Exhibition (MSE) here Thursday.
The MSE is a series of exhibition organised by Malaysia External Trade Development Corporation (Matrade), this time from October 3-6, 2013 in the capital city of Tatarstan.
Zainol Abidin said discussions were now done internally within the federal government of Russia to decide on the extent of the Islamic banking system that would be used.
Muslims form the largest community in Tatarstan's population of 3.8 million people.
(Business Times / 05 Oct 2013)
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com