Prospects of implementation of murabaha contract in Russia discussed

On June 23, 2009 at the conference hall of Russia mufties Council the meeting of the working group on alternative (Islamic) financial institutions and products devoted to different aspects of the murabaha contract were discussed.

At the meeting the members of the working group and invited experts in the spheres of law, taxation and banking participated.

The presentations and reports were made by Rinat Gaynullin (Trade financing: The structure of the Murabaha contract and possibilities of its adaptation for Russian credit institutions), Alexander Kazakov and jurists of the company “Avakyan, Tuktarov and partners” Yuriy Tuktarov and Alexey Morozov (The Murabaha contract from the point of view of Russian banking legislation), Alexey Kuznetsov, partner of the company Ernst&Young (Practical aspects of taxation when realization of the mechanisms of Islamic financing in Russia. Murabaha contract), Vladimit Vinogradov and Mohammed Amin, partners of the PWC (the experience of theKazakhstan , Kyrgyzstan and the UK in implementation of Islamic finance), and Rustam Vakhitov, tax expert of Pepelyaev, Goltsblat and partners (The Tax consequences of the murabaha contract: Europe’s experience and the possibilities of its implementation in Russia )

The results fo the discussions will be summarized by the experts in the near future.

19.08.2009