JEDDAH: The Islamic Corporation for the Development of the private Sector (ICD) has decided to launch a Shariah-compliant investment company in Tatarstan. The decision was made at the 16th World Islamic Banking Conference 2009 that was held in Bahrain recently.

ICD is the private sector arm of the Jeddah-based Islamic Development Bank (IDB). The Bahrain conference was co-chaired by Khaled Al-Aboodi, CEO and general manager of ICD , and Rustam Minnikhanov, prime minister of the Republic of Tatrastan

"This will go a long way in facilitating trade and investment cooperation and also provide access to business opportunities in Tatarstan," said Al-Aboodi while announcing the decision. try{document.write(_banner_zone('zone9339')); }catch(e){}

According to Al-Aboodi, the company, to be known as the Tatrastan International Investment Company, will invest in select sectors, including infrastructure, telecommunication, agriculture, finance, affordable housing, mining and energy, services and manufacturing industries.

Minnikhanov said: "This conference takes us closer toward the establishment of what will certainly prove to be a truly pioneering venture. "We have long maintained that this type of partnership is very important for our government particularly due to its efficient contributions to national development," he added.

The conference was attended by several investors from the Gulf nations and Asia, representatives of Islamic Development Bank, senior officials of ICD and Republic of Tatarstan. During the conference commitments were announced from investors which reached the targeted capital of the company.

ICD 's decision to participate in the world's largest gathering of Islamic finance leaders was in line with its vision of promoting the growth of Islamic finance globally and supporting important regional forums and consolidating Bahrain's position as the premium financial hub of the Gulf region, said Al-Aboodi.

© Arab News 2009