Greeting to the participants of Moscow Halal Expo from Ali Aliev

Dear participants of the conference “Islamic finance: development in Russia” and the Forum “Halal Industry in Russia and in the world”.

Islamic banking remains one of the exciting and mostly discussed topics among bankers, economists, politicians and other specialists. Representing the Association of the banks of Dagestan, realizing the importance of the development of regional baking system of Dagestan in the format of introduction of the Islamic banking products, we constantly hold discussion around this during the meetings and in mass media. We consider that in the regions of where Muslims are traditionally represented, among which are not only Dagestan but all other North Caucasian republics, it is of immense importance not only to discuss the topic but to show the advantages of the economic model as well.

At present only one bank in Dagestan has practical implementation of one of the numerous kinds of such kind of services – the deposit card. Unfortunately without the necessary legal environment and legislative securing of the Islamic banking norms in Russia it is difficult to implement these principles in practice.

I would like to wish to the organizers of the Forum, the participants and guests fruitful work and I would like to express hope that you would be able to work-out the needed document that would bring under regulations the essence and importance of the issue. Assalamu aleikum!

With kind regards,

Ali Aliev, President of the ADB

21.05.2010