The Islamic development Bank (IDB) which signed last week a Memorandum of understanding with the Central Bank of Russia (CBR) will facilitate the development of Halal industry in Russia. This was stated by the representative of the financial institution Yahya Aleem Rehman at the opening of the exhibition of Halal industry Moscow Halal Expo.
"Taking into account the size of the Russian Federation and the growth of its Muslim population, everything indicates the growth of the Halal industry in the country. Russia is a growing market of Halal", — he said.
According to him, documents signed in Kazan will contribute to the development of this sector in Russia and the bank "will provide all possible assistance to its development". Also the representative of the IDB cited expert data according to which the total volume of the Halal industry reaches $ 2 trillion and will continue to grow .
However, he pointed out the problem of the Halal market — the lack of "legislative protection" and noted that it is necessary to increase the value of the industry, contribute to the emergence of new brands and to strengthen interregional and international coordination".