He knows everything about Islamic finance and is ready to share

Within a month, the International Economic Summit “Russia — Islamic World: KazanSummit 2017”, held in the capital of Tatarstan on May 18-20, will open its doors.

Authorized by Rustam Minnikhanov who in accordance with a decree by Vladimir Putin is heading the Group of Strategic Vision "Russia - Islamic World", Tatarstan Investment Development Agency is actively engaged in preparations for "Russia - Islamic World" summit.

The interest towards the event grows every year and consequently the number of participants in the international economic summit is also increasing. More than 2000 visitors from 50 countries of the world are expected to attend KazanSammit 2017. Ambassadors and ministers of the countries of the Islamic world, representatives of Russian and foreign financial institutions, deputies of parliaments, investors and businessmen, media personalities and at least 200 mass media representatives are among the guests. The key topic of the upcoming event will be Islamic investment in the context of international economic relations. It is planned to discuss the questions of introducing mechanisms and instruments for Islamic finance and banking. The benefits of the Islamic banking system will be noted, taking into account legislative framework of the countries of the Organization of Islamic Cooperation and possible implementation difficulties in practice. A series of workshops will follow, on issues of processes and effective mechanisms for development of Islamic financial products. Taking into consideration the main theme of the Summit, the Organizing Committee decided to invite as a speaker the Secretary General of the General Council for Islamic Banks and Financial Institutions (CIBAFI) Abdelilah Belatik.

Abdelilah Belatik is a professional in the sphere of intercultural finance.

He has vast experience in governance and auditing of institutes of financial services. Mr. Belatik regularly gives speeches on international platforms on Islamic finance, accounting and auditing, asset management.

Abdelilah Belatik is a professional in the sphere of intercultural finance, who has almost 20 years of working experience, including managerial positions in large financial centers in Europe, USA, Asia and Middle East. He currently serves as the Head of the General Council for Islamic Banks and Financial Institutions (CIBAFI).

The General Council for Islamic Banks and Financial Institutions is a world center of Islamic finance institutes

CIBAFI is an international non-profit organization which is a member of the Organization of Islamic Cooperation (OIC). It was created on the initiative of the Islamic Development Bank (IsDB) and the key world Islamic financial institutions. CIBAFI core mandate is to present the Islamic industry of finance services on a global scale, to strengthen cooperation among its members and other institutions with similar interests and objectives. The board is composed of 114 member organizations, including Islamic banks, financial institutions and Islamic investment institutions.

Being the Head of CIBAFI, Abdelilah Belatik carried the Organization into the international arena by establishing working relations with international banks (IsDB, IMF, the World Bank and others), international standard-setting organizations (IFSB, BCBS), as well as regulatory and surveillance authorities.

There is an increased demand for Islamic finance

As a great expert in this field and realizing the effectiveness of Islamic finance, especially in the context of the global economic crisis, Abdelilah Belatik sees particular importance in development of Islamic banking all over the world: "CIBAFI Global Islamic Bankers Survey 2017, which represents the view of 86 heads of Islamic banks in 29 countries, showed that the development of legal and regulatory infrastructures for the Islamic finance industry needed to be accelerated in countries where Islamic finance was in the early stages of development. The demand for Islamic finance is growing, but banks refer to the absence of laws and regulations, underlying Islamic financial transactions, which is an important obstacle to their future growth."

In the context of development of the instruments of Islamic finance, internationalization and strengthening global ties have increasingly important role. The CIS region, where the development of Islamic finance is quite active, is regarded as potential market for finding investors. Application of the Islamic finance would enable the CIS countries to stimulate the dynamics of development of the internal market. The General Council for Islamic Banks and Financial Institutions (CIBAFI) led by Abdelilah Belatik will hold an InFocus session "Prospects on Islamic finance in the CIS", which will gather an international group of specialists on Islamic finance for discussion of new opportunities, prospects and problems that the regional financial institutions face.

When deciding to speak on summit “Russia — Islamic World”, Abdelilah Belatik noted that the annual International Economic Summit in Kazan is an effective instrument for interaction between Russia and the countries of Islamic world.

For those who are in the search of new useful knowledge, the registration of the participants is open on kazansummit.ru. See you next month at the most extensive economic event of the spring!

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