Russia is showing an increased interest in fostering financial-economic cooperation with Arab Islamic countries and the whole Islamic economic-financial system, due to several economic factors, foremost of which is the influential position of the Islamic economy in the global economy.
This is a summary of the views expressed by experts who participated yesterday in the forum of the first Islamic-Russian economic forum, which took place at Sberbank Corporate University on the outskirts of Moscow. Many Russian Islamic financial institutions supported and participated in the forum such as the Islamic Development Bank, Sberbank and KPMG.
Participants discussed the possibility of accelerating economic integration between Europe and Asia, especially between Russia and member countries of the Organization of Islamic Cooperation, and the role that can be played by alternative financial mechanisms and Islamic financial products in these integrating operations.
Organizers and participants in the forum do not rely on achieving a qualitative leap from the first meeting, but they are working to achieve the main objective: to set up a platform for the development of joint investments and to ease trade barriers between Russia and Islamic countries.
To achieve this, participants are likely to sign an agreement on establishing an agency for economic cooperation between Eurasia region countries and the Middle East; a step that would leave a tangible effect on cooperation between the two sides.
Senior Partner of KPMG in Russia Oleg Goshchansky pointed out that the share of Islamic economy has increased in the global economy. He expected assets of Islamic business and Islamic economy to reach around $7 trillion by 2025.
Goshchansky considered that this given speaks for itself, and is enough proof that the role and influence of Islamic economy are growing.
