7-8 of June this year International Conference "Islamic Finance: development in Russia" took place within the framework of the First Moscow International Halal Exhibition. The conference was supported by The Moscow Times, Arabia Expo, with the assistance of "Islamic Finance House", "Pepelyayev Group and Path Solutions Company.

The conference consisted of five sessions: «Islamic finance – an alternative system of economic development in Russia», «Contribution of universities to the development of educational programs in the field of Islamic finance», presentation of investment projects, discussion on the model contracts of Islamic finance in Russia, investment and interbank collaboration between Russia and countries of the Arab-muslim world. The last two sessions were held on the area of partnership Exhibition Arabia Expo.

Key speakers of the conference were Ambassador of the Grand Duchy of Luxemburg in the Russian Federation Mr. Gaston Stronk; Vice president of Al-Baraka Bank Abdulrahman Shehab; Vice-president for Finance in Safinat Group of Companies Shamil Murtazaliev; Vice president of the Association of Regional Banks in Russia Oleg Ivanov; Deputy Director of Islamic Banking and Takaful Department of Bank Negara Malaysia Rustam Mohd Idris and other Russian and foreign experts.

The first session was moderated by the President of Russia's Islamic Cultural Center Abdul-Wahed Niyazov, who summarized the key points in the development of Islamic finance in Russia.

Mr. Stronk told about the development of Islamic finance in Luxembourg and about the ambitions of the state in becoming one of the world's centers of Islamic finance. He noted that the main factors of attracting investors to hold Islamic financing transactions through Luxembourg are: the political and social stability, state support, a favorable tax and legal regime, as well as extensive experience in conducting of various cross-border financial operations, including Islamic finance. The Ambassador highlighted the recent trends in the development of Islamic finance in his country. So, in July 2009, the Government adopted a declaration on the further development of Islamic finance in the country, and from October Luxembourg School of Finance has opened courses on Islamic finance. In November Central Bank of Luxembourg became the first European central bank to be a member of the IFSB. At present time in Luxembourg 15 issues of Sukuk totaling more than 7.3 billion dollars took place.

The Head of International Department of the Russian Mufti Council Rushan-hazrat Abbyasov greeted the participants of the Conference on behalf of the Head of the Russian Mufti Council Mufti Ravil Gainutdin, as well as informed about the current state of relations between the Muslims of Russia and the Islamic world, highlighting the programs and projects of the international department in the sphere of economic relations.

Head of Trade Mission of Malaysia in Moscow Mr. Hayrul Nizam spoke about the economy of Malaysia and the role of Islamic finance at the present stage. Regulatory principles of Islamic banking and insurance in Malaysia were highlighted in his speech by Rustam Mohd Idris, Deputy Director of Islamic Banking and Takaful Department of Bank Negara Malaysia.

Vice-president for Finance in Safinat Group of Companies Shamil Murtazaliev spoke about the experience in the development of Islamic finance and the problems they faced on practice. Oleg Ivanov, vice president of the Association of Regional Banks of Russia, in his turn pointed to the specific steps of development of Islamic finance in Russia.

The second session of the conference was devoted to the most important aspect of development in any direction - education. Vision of development of educational programs in the field of Islamic finance in Russia was revealed by the Doctor of Law, Head of the Department of Financial Law of the State University- Higher School of Economics Alexander Kozyrin; Head of Department of International Monetary and Financial relations of the Finance Academy under the Government of Russian Federation Irina Yarygina; Head of the Cultural Initiatives Laboratory of MIRBIS Mikryukova; Deputy Director of International Department of the Russian Mufti Council Madina Kalimullina; the representative of the Academy of Banking Kazakhstan Yedigei Alpysbayev. A senior teacher of the Bahrain Institute of Banking and Finance Huma Sodher spoke about the existing programs in the field of Islamic finance in Bahrain.

The first projects for the development of Islamic finance in Russia were represented at the third session by the «Islamic Finance House» and Safinat Group of Companies. One Pure Halal Beauty and Hayat Service presented the project developing halal cosmetics line.

During other sessions participants discussed the model contracts of Islamic finance, the possibility of development of investment cooperation between Russia and the Arab world, as well as prospects of cooperation with Islamic Development Bank, on behalf of which Murad Yandiev, Investment Manager, described the existing projects of the IDB in Russia.

As a result of discussions participants worked on the basis of the resolution.