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Affiliate Finance and the Middle EastAffiliate Finance and the Middle East

Affiliate Finance anEmployee of the Institute, Madina Kalimullina, presented the project of the laboratory for finance partnership at the Middle East Congress.d the Middle East

The Middle East Club of the Higher School of Economics on January 21 held the event "Middle East Congress". The purpose of the event was a general acquaintance and presentation to guests of the projects being undertaken by the HSE Middle East community. The event was attended by specialists from the Higher School of Economics, the Institute of Oriental Studies of the Russian Academy of Sciences, MGIMO, and other universities.

Madina Kalimullina, Senior Researcher at the HSE-Skolkovo Institute for Law and Development, made a presentation on the inception of the laboratory for finance partnership. Madina noted that Asian studies scholars emphasize the political problems of the Middle East, but the development of economic ties is no less important and even perhaps priority. At this stage, Russia is far behind Western countries in terms of trade and investment cooperation with countries in the Middle East. The potential is high, indeed, with the current situation not yet manifesting 10 percent of what's possible.

Companies that enter their products to the Middle East need to understand the specifics of the region, because in recent years, for example, even the largest Russian companies have made indecorous mistakes when trying to promote halal products.

 

The volume of the Islamic finance market is $2.5 trillion and it continues to grow. The share of the Islamic finance sector is increasing every year, and the largest economy in this region is Saudi Arabia, where Islamic finance accounts for 50% of turnover.