Islamic Development bank, which signed a memorandum on cooperation with the Central Bank of Russia and a number of other Russian banks in May, will contribute in halal industry development in Russia, according to Yahya Aleem Rehman, who announced it at the Moscow Halal Expo 2016 opening ceremony.
“Taking into account the size of Russia and its Muslim population growth, we can suppose that halal industry is also developing. Russia represents a fast-growing halal market”, — he said.
He noted that the documents signed in Kazan were to facilitate the industry development in Russia, and that the bank will “provide all kinds od support to encourage it”. The IDB representative also mentioned experts’ estimates indicating that the halal industry volume amounted to USD 2 trillion and was expected to grow further.
He also highlighted a challenge for the halal market, namely the absence of legislative protection, and emphasized the need for improving the industry’s value, creating new brands, and strengthening “interregional and international coordination”.
It is expected that the Moscow Halal Expo organizers and the Islamic Development bank along with Russian financial institutions are going to work on Islamic financial deals.