ISLAMABAD: The Islamic Business and Finance Development Fund (IBFD-Fund) and TAWUN, an emerging Shariah consulting company of Pakistan, signed a memorandum of understanding (MOU) in Russia.
According to a statement issued on Tuesday, the delegation was led by the Chief Executive of Trade Development Authority of Pakistan (TDAP) SM Muneer. He was accompanied by a number of high-level representatives of the business community of Pakistan, including Mehmood Arshad, who is the Founder of TAWUN, and also the Chairman of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Standing Committee on Islamic Banking and Takaful-affiliated with the Pak-Qatar Group in Pakistan.
TDAP Chief Executive Muneer declared the event as an important milestone for the trade and business relations between Russia and Pakistan. He appreciated the efforts of TAWUN and IBFD-Fund to develop this understanding and assured of his full support to materialise the objectives set in this regard. He also expressed his satisfaction on the immediate outcome of his visit to different cities of Russia as the leader of the Pakistani business delegation. He said that he hopes that such exchanges would further boost the business activities between both the countries.
For TAWUN, signing the MoU is an important step towards their active presence in the Russian market, and especially in the Republic of Tatarstan, a leading Russian region in developing Islamic finance industry. Cooperation under the MoU would help meet the need of financial institutions for qualified support in terms of Islamic banking insurance and leasing investment funds management Shariah audit on Russian and CIS market.
Mehmood Arshad said that the Russian market was very interesting for his organisation, and since Islamic finance was growing rapidly all over the world, Russia had a strong potential too in this regard. He also said that Pakistan’s Islamic Banking and regulatory system was the best in the region, and TAWUN had all the necessary experience and competence to share “our knowledge and experience with our Russia friends.”
President of IBFD-Fund Linar Yakupov said he was sure that together with TAWUN, IBFD-Fund would be able to provide all necessary support to the Russian financial institutions.
This would help launch Shariah compliant products and services, as well as to attract new clients and explore new markets to get additional funding and investments from OIC countries. Our collaboration would further nurture the growth of Islamic finance across the Russian financial industry.
“We are very glad to work with TAWUN and look forward to building a long mutually beneficial and prosperous business partnership,” he said.
