ISLAMABAD, Jun 7 (APP): During the recent visit of the Trade Development Authority of Pakistan (TDAP) delegation to Russia, a Memorandum of Understanding (MoU) between Islamic business and finance development Fund (IBFD) and TAWUN, an emerging Shariah consulting company of Pakistan, was signed.

The delegation was led by Chief Executive of Trade Development Authority of Pakistan S.M Muneer, says a statement issued by TDAP on Tuesday.

He was accompanied with number high-level representatives of business community of Pakistan, including Mehmood Arshad, who is the Founder of TAWUN and also Chairman of FPCCI Standing Committee on Islamic Banking and Takaful and affiliated with Pak-Qatar Group in Pakistan.

Speaking at the occasion, CE TDAP S.M.Muneer declared the event as an important milestone in the trade and business relations between Russia and Pakistan.

He appreciated the efforts of TAWUN and IBFD to develop this understanding and assured his full support to materialize 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 Pakistani delegation and hope that such exchange of visits will further boost the business activities between both the countries.

Signing the MoU has become for TAWUN an important step toward active presence on Russian market, and especially in the Republic of Tatastan, a leading Russian region in developing Islamic finance industry.

Cooperation under MoU will let to 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.

Speaking at the occasion Mehmood Arshad stated that Russian market is very interesting for his organization and since Islamic finance is growing rapidly all over the world, Russia has a strong potential too in this regard.

He also stated that Pakistan’s Islamic Banking and regulatory system is the best in the region and TAWUN has all necessary experience and competence to share our knowledge and experience with our Russia friends.

Linar Yakupov, President of IBFD Fund at the occasion stated that he is sure that together with TAWUN IBFD Fund will be able to provide all necessary support for Russia financial institutions to launch Shariah-compliant products and services, attract new clients and explore new markets, get additional funding and investments from OIC countries.

“Our collaboration will nurture further the growth of Islamic finance across the Russian financial industry and we are very glad to work with TAWUN and look forward to building a long, mutually beneficial and prosperous business partnership”, he remarged.