Mufti Rushan Abbyasov, Deputy Chairman of the Religious Board of Muslims of the Russian Federation, took part in a seminar on ‘Fundamentals of Corporate Governance in the Islamic Financial System’ held at the Higher School of Economics.

Making a report, Rushan Hazrat noted that the RBM of the Russian Federation on the initiative of the Chairman, Chief Mufti Sheikh Ravil Gainutdin has been actively working on the development and popularisation of Islamic finance instruments since the beginning of the century, and the first conference on Islamic banking in the Russian Federation was organised with the blessing of the spiritual leader of Russian Mufties in 2009 in Moscow.

He also stressed that in 2014, the RMC and the RBM of the Russian Federation signed an agreement with AAOIFI - an international organisation for accounting and auditing of Islamic finance, and in 2017 a collection of Shariah standards was published in Russian. The Deputy Chairman of the RBM of the Russian Federation drew the attention of the seminar participants to the fact that the foreign policy course of the Russian Federation on rapprochement with the countries of the East and Asia is a fertile ground for the development of Islamic banking instruments in our country.

The seminar addressed the peculiarities and differences of European and Asian systems of Islamic finance, reasons for successful overcoming of world crises by countries with a full-fledged Islamic financial system, guidelines of Shariah governance systems for institutions offering Islamic financial services.

The speakers' presentations were followed by useful discussions on various aspects of Islamic banking and its integration into the economies of different countries.