Islamic Banking International Conference – Moscow 2009


The International Conference « Islamic Banking: Specifics and Prospects » was organised on March 17-18, 2009 in Moscow by Russia’s Mufti Council.

Conference gathered a great amount on participants and was held in lively mode in the framework of business discussions during seven plenary meetings.

The famous Russian scientists in the field of Islamic banking and Islamic economy, including professor Leonid Sukiyainen, independent expert Andrey Zhuravlev, the partner of the legal company “Vegas-Lex” Albert Eganyan, the lecturer of MGIMO Renat Bekkin, the head of the Islamic Financial department of BTA Bank of the Kazakhstan Aydarbek Hodzhanazarov and others acted as the moderators of meeting.

On the part of Russia Mufti Council the director of International Department Rushan hazrat Abbyasov appeared with the  topic “Russia and Islamic world: the role of Muslim religious organizations in the development of economic cooperation” and his deputy, the head of the Economic Program office Madina Kalimullina made a presentation on “Islamic banking in the framework of spiritual Economics. Russia Mufti Council’s vision of the development of Islamic banking in Russia ”.

During two days the experts, bankers, scientists and specialists from Russia, Kazakhstan, Azerbaijan, Kyrgyz, the Netherlands, Canada, Pakistan, Saudi Arabia , Sudan , the UK , Kuwait , United Arab Emirates represented the opinions and made speeches in the field on Islamic finance, exchanged comments…

Source: RMC News

Download program (Pdf)

Mufti calls Russia to extend Islamic financing system
Chairman of Russia’s Mufti Council Ravil Gaynutdin considers the Islam financial system as an efficient alternative option to the world financial system and hopes to expand it within Russia.

Chairman of Russia’s Mufti Council Ravil Gaynutdin

« We believe that with the help of God, Russia with its enormous economic and scientific potential and a large share of Muslim population, and the role which this country enjoys being part of the Islamic world, will efficiently and reasonably use the potential of Islamic financing instruments which now are attracting considerable interest of both scientific and business circles, » Mufti Gaynutdin said at the International Islamic Banking conference held in Moscow.

He said that « the global recession made us think about many things and realize that the existing credit system is completely wrong and that the economists who have warned the world about the huge credit bubble threatening the global economic system are completely right. »

« However, there is always an alternative way which was conceived in its current form in 1960s and has already proved its viability. The system focuses on moral and ethical values as opposed to ubiquitous consumer attitudes which concentrate on gaining profit. Today, this alternative is referred to as Islamic banking, » Gaynutdin said.

He reminded that the Prophet Muhammad himself « before he received his Prophet Mission, had been involved in trade, managed the trade business and became widely known for his honesty and integrity in trade deserving trust and respect of people. »

Mufti Gaynutdin believes that the Islamic economy is a comeback to the principles which, according to him, God commanded not only in Qur’an, but also in the Bible.

Source : Interfax – Moscow, March 18, 2009


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