Turkish bankers rely on Russian financial market
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