7-8 of June 2010, the Russian Mufties Council supported by the Finance Academy under the Government of the Russian Federation, the Moscow International High School of Business (MIRBIS), as well as companies: Islamic Finance House, Path Solutions and Pepeliaev Group, held an international conference named "Islamic finance: development in Russia ", which was participated by more than 100 people from 9 countries: Russia, Kazakhstan, Bahrain, Saudi Arabia, UAE, Malaysia, Indonesia, Luxembourg, France.
The participants of the Conference discussed issues relating to the current state of Islamic financial institutions in Russia, the problems concerning their development, as well as trends in Islamic finance abroad.
32 speakers presenting various financial institutions, the community of experts in the field of Islamic finance and educational institutions spoke about various development issues of Islamic finance in Russia and the whole world.
Conference participants noted that the fruitful work of the Russian Mufties Council in terms of promotion of Islamic finance in Russian society, is proved by concrete steps:
- bilateral relations with international organizations specialized in the field of Islamic finance have been established;
- the Russian Association of experts of Islamic finance has been created and has started its work;
- short courses of "Islamic finance" with MIRBIS are being functioned;
- translations of regulating documents of the AAOIFI and others have been published.
- These successive steps give hope for further development of Islamic finance in Russia.
As a result of the Conference, participants agreed on the need of:
- Further active action strengthening international relations and establishing new contacts with foreign organizations, like RAEIF.
- Association of Professionals on the market of Islamic finance. Involvement of competent and ethically perfect specialists in the professional community of experts in the field of Islamic finance.
- Study of the real needs of halal industry in the Islamic financial instruments.
- Efficient and effective promotion of the ethical principles of Islam in the area of financial relationships.
- Developing the legal framework of Islamic finance, including the development of standard contracts for Islamic finance operations in Russia.
- Going on translating into Russian of the existing instruments regulating the activities in the field of Islamic finance.
- Development and support of up-to-date sources of information, good example of which is the site muslimeco.ru.
- Introduction of the discipline of "Islamic finance" to the universities training specialists in the financial field. This is due to the fact that a qualified specialist must possess knowledge across the spectrum of financial problems and issues, including Islamic finance. The inclusion of issues on Islamic economics and finance in the textbooks on economic theory and other disciplines.
- Conducting grant research in the field of Islamic economics and Islamic finance.
- The inclusion of provisions on the development of Islamic financial products in comprehensive programs of economic and financial development in Russia, and the Concept of creation and development of Moscow as an international financial center.
- Promoting development of pilot projects in the field of Islamic finance in the regions of Russia.
- Reinforcing the status of the Waqf in Russian law.
- Compliance with the rules of Islam and the principles of Islamic finance in the development and implementation of Islamic finance in practice.
Conference participants are confident that the products of Islamic finance will be needed by Russian enterprises of different industrial specialization, and will win public confidence.
To send this document to interested organizations.
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