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Articles > RMC > Halal > Strengthening the role of Halal in the life of the Russian Ummah

The welcoming speech Mufti Sheikh Ravil Gaynutdin

To the members of the International Symposium

"Islamic Finance and Analytics"

June 27, 2012

Dear organizers and participants of the symposium!

On behalf of the Russian Muftis Council let me greet you with wishes of peace, mercy of God and his blessings.

Assalam Alaikum wa wa rahmatullhi barakatuhu!

Today, Islamic finance - a promising and rapidly growing area. It is of considerable interest to modern business and has a great potential for further development. In many countries, including non-Muslim, there is a tendency of formation and development companies operating on the ethical standards laid down in Islam, in order to regulate their activities the international organizations and expert associations were created, educational institutions carry out trainings on Islamic finance, on this subject exhibitions, conferences and round tables are held. An alternative to the Western, the Islamic financial system has proved its viability and effectiveness throughout the world.

However, in the absence of legal framework, a developed system of educational programs and an extensive series of publications devoted to the peculiarities of Islamic finance, the implementation of the first Islamic financial instruments in Russia are in a difficult position. This applies to taxation, organizational and legal issues, as well as some specifics of contractual relations.

The development of Islamic banking is an essential requirement of modern Russian society, not only in itself, but also as an important source of funding for halal industry, which is currently booming, both in Russia and around the world. As the organizers of the Moscow International Halal Exhibition Moscow Halal Expo 2012, we have repeatedly seen how great the need across all regions of our country of financial institutions, offering services that meet the Sharia, aimed at investing in the real economy - namely, in the halal industry.

Accumulated over the decades a system of voluntary certification Halal in Russia and mutual recognition of Halal certificates of the Russian Muftis Council and foreign countries, creation of the Eurasian Union of standardization and certification of halal uniting Russia, Kazakhstan and Belarus – all this contribute to the process including the planned entry of Russia in the Islamic investment market.

Meanwhile, in Russia there is a base for the development of Islamic finance as an integral part of ethical business. Contacts have been establishing and developing with international and foreign Islamic financial institutions, the expert community operates, standards for Islamic financial transactions are translated and published, educational programs on Islamic economics and finance are developed and implemented at various universities in our country, Internet portals are developed, teachers and experts are sent for trainings in Islamic banks around the world, conferences, seminars and round tables are set up, in different Russian cities Islamic financial companies of all sizes and scope have been created for the past two years.

We are pleased that, along with Moscow, Kazan and Ufa, new centers of interest to study the theoretical foundations and development of practical projects in the field of Islamic finance have been appeared.

The holding of the Symposium - an important step towards the dissemination of information on Islamic finance as a way to finance the production and sale of halal products and strengthen the role of these two components of Islamic business in the life of Russian society and Muslims in particular. I hope that the International Symposium "Islamic finance and analytics," will give impetus to the formation of new Islamic financial institutions in Russia, will establish mechanisms and transactions for cross-border investments in regions of the Russian Federation, will promote business contacts between Russian and foreign companies in the field of Islamic business and finance, will serve to further development of the production of halal.

Successful and fruitful work to the symposium of participants, useful and interesting meetings!

With the kind prayers and best wishes

Mufti Sheikh Ravil Gaynutdin

The Chairman

The Russian Muftis Council,

The Religious Board of Muslims

European part of Russia

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