Turk­ish bankers rely on Rus­sian fi­nan­cial mar­ket

The Pak Banker - - Company & Boss News -

MOSCOW: Turk­ish bankers con­sider the Rus­sian fi­nan­cial mar­ket to be sta­ble and re­li­able, Cenk Kara­caoglu, the Vice Pres­i­dent of the lead­ing Turk­ish fi­nan­cial in­sti­tu­tion Bank Asya said in Moscow. He added fi­nan­cial ser­vices as spe­cific as Is­lamic fi­nanc­ing is quite promis­ing in Rus­sia.

At present, there is no in­ten­sive co­op­er­a­tion be­tween Rus­sian and Turk­ish banks, but this is be­gin­ning to change. Turk­ish banks are es­tab­lish­ing their rep­re­sen­ta­tive of­fices in Rus­sia and en­ter­ing the Euro­pean mar­ket. All this shows that co­op­er­a­tion in a wide range of bank­ing ser­vices has good prospects: in­surance, rent­ing etc. We want Turk­ish and Rus­sian banks to in­ten­sify co­op­er­a­tion and jointly en­ter part­ner mar­kets, in­clud­ing the Mid­dle East re­gion.

The In­ter­na­tional con­fer­ence in Moscow gath­ered to­gether the bankers from Rus­sia, Kaza­khstan, Italy, the UAE and other coun­tries. Mr. Kara­caoglu noted that the role of Moscow as a global fi­nan­cial hub im­plies the pro­vi­sion of var­i­ous bank­ing prod­ucts, in­clud­ing Is­lamic ones, the vol­ume of which has been grow­ing in Europe and around the world. For Kara­caoglu, this is his sec­ond visit to Rus­sia to dis­cuss all things bank­ing.

"In 2008, dur­ing my first visit to Rus­sia I was in Kazan on an Is­lamic fi­nance con­fer­ence. Two years later I came to Moscow. This fo­rum in the Rus­sian cap­i­tal has con­trib­uted to the es­tab­lish­ment of closer ties be­tween the banks and the min­istries. All this looks quite promis­ing. I be­lieve that in fu­ture Rus­sia will con­trib­ute greatly to the devel­op­ment of the bank­ing sys­tem, in­clud­ing Is­lamic bank prod­ucts. The Moscow con­fer­ence is very rep­re­sen­ta­tive, as it brings to­gether bankers from Is­lamic coun­tries and of­fi­cials of Rus­sian min­istries and agen­cies, which aren't strictly fi­nan­cial."

Ac­cord­ing to Vladislav Kudryashov from Rus­sia's Fi­nance Min­istry, Rus­sian civil law cov­ers many prin­ci­ples of Is­lamic fi­nances so there is no con­tra­dic­tion be­tween the two. Speak­ing at the con­fer­ence Kudryashov pro­posed us­ing a Bri­tish con­cept for the devel­op­ment of Is­lamic fi­nances in Rus­sia "nei­ther aid­ing nor hin­der­ing" The par­tic­i­pants of the con­fer­ence agreed with this ap­proach. They de­cided to hold an in­ter­na­tional con­fer­ence on Is­lamic fi­nanc­ing in Moscow an­nu­ally. - PB News

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