As Islamic finance continues to expand and strengthen its position globally, the Commonwealth of Independent States (CIS) region has been seeing its integration within its financial system as a potential opportunity to tap into alternative investment and funding sources for catering the needs of its domestic market.
The growing interest in ethical and responsible financing has in the last years shed light on the values of Islamic finance and their alignment with global sustainable initiatives.
Within the framework of the XI International Economic Summit "Russia - Islamic World: KazanSummit" InFocus Session will be held, led by the Council on Islamic Banks and Financial Institutions.
“Islamic Finance in the CIS Region: A Path for Integration in the Financial System to Achieve Economic Growth and Sustainable Development” is the main theme of the upcoming Session, which will bring together eminent speakers and experts in the Islamic financial industry to discuss the emerging opportunities, prospects and challenges for integrating Islamic finance in CIS region.
The value proposition of Islamic finance and its main objectives seek to attain economic development and growth for the benefits of the society through the promotion of financial inclusion and the provision of financing for all. This InFocus Session, led by the General Council for Islamic Banks and Financial Institutions (CIBAFI) will bring together an international panel of distinguished speakers and Islamic finance industry stakeholders to discuss emerging opportunities, prospects and challenges for the integration of Islamic finance within the CIS region. It will look into how Islamic finance is represented as a mean for the achievement of sustainable development within the region and determine the key milestones needed for its effective application.
Key Discussion Points:
1. Analyzing the level of maturity of Islamic finance within the CIS region;
2. The role of Islamic finance in enhancing the development of CIS economies;
3. Approaches for Islamic finance integration in the absence of a regulatory framework;
4. The current legal and tax challenges and barriers to the structuring of Islamic financial products and services in the CIS region;
5. Evaluating the key challenges and opportunities for the achievement of sustainable development within the CIS region.
Among the speakers are:
Governor, Astana International Financial Centre (Kazakhstan) Kairat Kelimbetov, Director, Islamic Financial Products Development IsD (Kingdom of Saudi Arabia) Gaffer Khalid ,Secretary General, Participation Banks Association of Turkey Osman Akyuz, Partner with Deloitte in the Advisory & Consulting unit Marco Lichtfous, General Manager, Islamic International Arab Bank (Jordan) Iyad Asali, Managing Director, IFAAS Group (United Kingdom) Mohammad Farrukh Raza, Chief Executive Officer, Salihin Shariah Advisory Services Sdn Bhd (Malaysia) Prof. Ahcene Lahsasna.