Islamic Business & Finance Development Fund has won the award in the “Best Islamic Finance Advisory Russia 2015” category.

The official website of British financial internet portal – “Global Banking & Finance Review”, has published all nominees distinguished with the award. The portal is among the most visited specialized websites, and is visited by the president of banks and other financial institutions; by Central Banks and by individuals from over 200 countries worldwide. The portal has over 9 million unique visitors annually.

The purpose of the annual review conducted by the internet portal since 2011 is to form an objective opinion on the banking and finance news and events. The award highlights the highest achievements and advances in the financial world and marks the high-level financial organizations of different levels worldwide, which demonstrate special achievements, innovative solutions, strategies, progressive and prospective changes in their industry. The winners are determined based on unbiased and objective evaluation.

“It is gratifying to know that the work done by IBFD Fund is commended on the global financial markets and marked in the annual global rating of Global Banking & Finance Review, one of the leading international information analytical agency”, commented Linar Yakupov, the president of IBFD Fund. “We are glad to be acknowledged as the best Islamic finance advisory in Russia.”

Islamic Business and Finance Development Fund is the center of competence in Islamic business and finance of Russia. It was founded on February 2, 2010. The decision to found the noncommercial organization was made in 2009 upon success of the first International economic summit of Russia and OIC countries (KazanSummit) to assist the development of economic and business relations between Russia and the OIC country-members by employing the mechanisms of Islamic business system. The goals of IBFD Fund are the following: to support the strategic projects in forming Islamic economic model, the development and the improvement of Islamic business and finance, as well as the Islamic business and financial infrastructure in Russian Federation and CIS countries.

International economic summit of Russia and OIC countries (KazanSummit) is the highest profile event organized from 2011 to 2015 by IBFD Fund. In 2011 and 2015, IBFD Fund organized KazanSukuk Conference – the main platform for entering the Islamic finance markets and the workshop for discussing Islamic sukuk securities market matters.

IBFD Fund works closely with international, regional and national organizations, educational and research institutes, as well as the market participants. The Fund had signed a number of cooperation agreements with the leading international financial companies on various Islamic finance development and promotion projects. IBFD Fund is the exclusive representative of Shariyah Review Bureau (SRB) in Russian Federation, which is one of the key players in Shariyah law, with the exclusive right to promote Shariyah expertise services to Russian and International companies, as well as to individuals within and outside Russia. The agreement between SRB and IBFD Fund was signed on August 2015.

IBFD Fund, within the Malaysian-Russian consortium, is currently preparing a feasibility study on launching an Islamic bank or banking window in Russia. The feasibility study results will be presented on December 9, 2015 in the major international Islamic finance event – IFN CIS & Russia Forum, which is organized by IBFD Fund and the leading international events organizer in the field of Islamic Finance, REDmoney Events. The representatives of the largest banks and sovereign wealth funds, public authorities, financial regulators, audit, consulting and law firms from the key Islamic finance markets from all around the world, as well as from Russia and CIS countries will take part in the Forum. The IFN CIS & Russia Forum is annually held in 22 different countries and is considered a platform, where the primary vectors of Islamic finance development and money markets are formed.