Resolution

OF THE INTERNATIONAL CONFERENCE

«Islamic Finance: Prospects of Development in Russia»

Russia, Moscow, Marriott-Aurora hotel, December 10, 2009

Jointly organized by Russia Mufties Council and “The Financial Times”, the initiator, with the partnership of Russian – Arab Business Council with the financial support of the company “VTB-Capital”, “Pepelyaev, Goltsblat and Partners”, Norton Rose and Goltsblat BLP, the International Conference “Islamic Finance: prospects of development in Russia” took place in Moscow on December 10, 2009. At the conference the state authorities, academicians, religious, public organizations and commercial companies from Russia and abroad participated.

Taking into account the interest towards the topic of the conference on the part of Russian and foreign business circles and academicians, and particular relevance of the topic in the context of the world financial crisis and the demand of the society for the spiritual perfection,

Considering the successful experience of the study of the possibility of implementation of the Islamic financial instruments in Russia within the framework of the activity of the working group on alternative (Islamic) financial institutions and products,,

In view of the lack of qualified specialists to work with the Islamic financial instruments, this being the constraining factor in the development of the cooperation of businesses and increase of investments from the counties of the Islamic world,

as a result of the two-day discussion in the framework of seven plenary sessions, the participants of the Conference have agreed to the following:

1. The Islamic economic principles are first of all aimed at creating just and socially oriented economic and financial system. The services of Islamic financial institutions are aimed at everybody regardless of religious views.

2. The Islamic economic principles, including, in particular, such spheres as Islamic banking and Islamic insurance, the issues of social orientation of the Islamic banking, are worth to be thoroughly studied and implemented in practice on the territory of Russia.

3. Complex, gradual and balanced development of the Islamic finance principles, including educational, research and enlightment programmes, with mass media involvement, is necessary.  

4. Creation of the professional unity of specialist in the sphere of Islamic finance and insurance would contribute to further effective study and implementation of Islamic financial institutions and products.

5. In order to implement pp. 2 – 4 of the present resolution to support the idea of creation of the Association of experts in the sphere of Islamic finance.

6. To take into consideration the opinion of the representatives of the Association of regional banks of Russia, consulting and law companies and banks who spoke at the Conference that  the current Russian legislation does not comprise fundamental impediments for the successful implementation of Islamic financial instruments.  

7. To consider the present Conference to be another stage of constructive work in the sphere of realization of Islamic financial principles on the territory of Russia, and to consider the Conference to be a regular platform for development cooperation and coordination of activities with the financial institutions of the Muslim countries.

8. To send a copy of the resolution to the IDB, AAOIFI, INCEIF, Association of Russian banks, Association of regional banks of Russia, National stock association and other professional unities and associations.

And to make the text of the present resolution available on the Internet.

To express gratitude to everybody who took part in the present Conference, as well as to the organizers of the Conference.