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Integration of CIS financial systems and Islamic banking discussed in Baku

01 December 2011 09:25 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Deepening of integration and cooperation of financial markets and banking systems of the CIS countries, this opinion was sounded at IV Baku International Banking Conference of CIS member states on â€œFinancial markets of the CIS: the road to sustainable development in the context of global instabilityâ€.

Delivering keynote speech the chairman of the management of International Bank of Azerbaijan, the first vice-president of CIS Financial-Banking Council Jahangir Hajiyev welcomed the conference participants and announced that integration of financial banking systems, deepening of cooperation ad several other issues would be discussed within framework of the event.

President of CIS Financial-Banking Council, VTB Bankâ€™s chairman Andrey Kostin said that integration of financial markets of countries for durable development and attraction of investments for banking-financial markets of the CIS countries was the main way. He reminded that currently serious financial shocks occurred in the European market and this market had been closed as a financial investor. The crisis in Europe showed that absence of serious control on the single currency, the creation of a single issue, as well as financial and fiscal systems creates big problems and causes debt crisis.

Chairman of the coordination council of the finance and banking council of the CIS Anatoliy Kazakov stated that, the issues on increase of integration in CIS place and cooperation of financial organizations on the background of concussions observed in financial markets were very actually. He noted that, it was important to establish Caspian Development Bank due to great potential in Caspian Region. Kazakov said that, the works on and application of Islamic banking in CIS countries and establishment of organizations to operate on the basis of these principles for being of long-term funds important after crisis had to be activated. Note that, two-day conferenceâ€™s second day will be devoted to Islamic banking.

Russian chairman of Central Bank Sergei Shvetsov, Deputy Chairman of Executive Committee of the CIS Evgeny Novojilov touched integration, discussion of existing problems, transboundary projects and application of new financial instruments in their speeches.