Sustainable Investments and Halal: Towards Fair Finance

Organizer: Agency for Strategic Initiatives (ASI).

Venue: the city of Kazan, IEC KAZAN EXPO, Hall 16.

Time: May 18, 17:20–18:40.

Moderator: Svetlana Ivanovna Bik, Head of the expert-analytical platform “Infrastructure and Finance for Sustainable Development”.

Speakers:

Manidicheva Olga Vladimirovna, Deputy Minister of Ecology and Natural Resources of the Republic of Tatarstan;

Verkhunova Milana Stanislavovna, Managing Director for Sustainable Development, Sberbank, PAO;

Khasanova Asiya Shamilevna, Leading Researcher of the Russian Research Institute of Economics, Politics and Law in the Science and Technology, PhD (Economics), Professor;

Ainura Sagyn, CEO of Tazar mobile application;

Mohammed Abdul Khalid, Managing Director of DM Analytics Sdn Bhd;

Mehmood Arsha, Chairman of the Pakistan-Qatar Business Council.

The topic of mitigating the carbon footprint in the Russian economy plays a special role within the scope of international challenges. The green finance system is developing at the intersection of two areas: the financial market and the environmental friendliness of human activity. The goal of green finance is to increase green investment and reduce funding of “harmful” projects.

In the period 2021-2022, Russian companies focused on corporate governance, the third component of ESG. According to the survey, more than 80% of respondents believe that corporate governance has a greater impact on the value of shares.

The approval by the President of the Decree on holding the Year of Ecology was one of the reasons for the growing trend towards ESG transformation among companies.

The set of tools in Islamic finance increasingly implanting social, environmental criteria and the principles of complementary ESG is expanding.

Islamic finance is well developed in Malaysia - about 40% of securities today are in this country.

Speakers note the great role of the government in the development of Islamic finance. The state must develop strategies and programs, as well as form a platform for the development of Islamic securities. The role of the financial bank, which works together with the government and develops strategies, is also important.

The following conclusions and proposals were made:

• It is necessary to develop the financial and technological sector, digital technologies which make ESG more accessible and automated for customers;

• It is necessary to develop Islamic finance in Russia, taking into account the experience of foreign countries;

• It is necessary to improve the current legislative base for the further development of Islamic banking mechanisms;

• It is necessary to develop an educational base for training of highly qualified personnel in the field of Islamic finance.