The Islamic Corporation for the Development of the Private Sector (ICD), the private arm of Islamic Development Bank Group (IDBG), and International Association of Islamic Business (IAIB), signed a memorandum of understanding (MoU) on Feb. 18 to explore possible avenues for collaboration in enhancing business relations between entrepreneurs from Islamic countries and Russian Federation. The two institutions are determined to collaborate on introducing Islamic banking products in Russia by attracting banks operating in accordance with Islamic principles and lobbying for changes in Russian banking legislation to incorporate Islamic banking. ICD and IAIB also reached agreement to facilitate information and expertise exchange in order to develop effective cooperation, which may include organizing joint professional programs, market research, workshops, publications, study tours, and assisting in production and certification of halal goods. ICD Chief Executive Officer Khaled Al-Aboodi said "we look forward to strengthening mutual efforts in attraction of financing for the projects in CIS region and Islamic countries; and we realize the many benefits of our close collaboration." Marat Kabayev, President of IAIB, said the purpose of IAIB is to foster development of economic ties among Islamic countries, to promote Islamic Finance in Russia and attract investors from Islamic countries. We consider ICD as our strategic partner in the region. IAIB is a non-commercial organization established in Moscow, Russia recently. The purpose of the IAIB is to foster development of economic ties among Islamic countries, to promote Islamic finance in Russia and attract investors from Islamic countries. — SG
