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Articles > RMC > Documents > Resolution of the International Conference "Islamic Banking: Specifics and Prospects"

RESOLUTION

OF THE INTERNATIONAL CONFERENCE

Islamic Banking: Specifics and Prospects

Russia, Moscow, March 17-18, 2009

Jointly organized by Russia Mufties Council and the company BankConference, the initiator, with the support of the charitable fund Fund for support of Islamic culture, science and education, Russian Arab Business Council, Islamic Culture Centre of Russia, Vitas Bank, with the financial support of the company VTB-Capital, Ernst&Young and Bank Anelik Ru an International Conference Islamic banking: specifics and prospects took place in Moscow on March 17-18, 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,

Considering the successful experience of activity of the Islamic financial institutions all around the world, including the countries of G8,

Admitting that the Islamic principles of finance, including Islamic banking, are the condition for provision of religious freedom, and as well contribute to stability of the financial system of the country as a whole,

In view of the week development of the Islamic economic infrastructure on the territory of Russia, 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, 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.

2. 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.

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

4. For the purpose of provision of operation of Islamic financial organizations on the territory of Russia it is necessary to address the legislative authorities of Russia with an objective to develop a draft law for introducing amendments to some legislative acts of the Russian Federation regarding the provision of activities of Islamic banks and other Islamic financial institutions.

5. To support the idea of developing a standard of a public union standard of Islamic financial institutions and products for Russia .

6. In order to implement pp. 3 5 of the present resolution to support the idea of creation of a working group on Islamic financial institutions and products in particular, with an objective to conduct analysis of the Russian legislation for identification of the main obstacles for use of the instruments of Islamic finance with the same tax and economic effect as in the use of traditional instruments, and development of suggestions for introducing amendments to the relevant provisions of legislation and other regulatory acts. To support the suggestion of Russia Mufties Council to provide the working platform for the activity of the working group.

7. To consider the present Conference to be the beginning of constructive work in the sphere of realization of Islamic banking and other financial institutions on the territory of Russia, and to consider the Conference to be an annual platform for development cooperation and coordination of activities with the financial institutions of the Muslim countries.

8. To send the copy of the resolution:

  • to the President of the Russian Federation;
  • to the Government of the Russian Federation;
  • to the Federal Council of the Federal Assembly of the Russian Federation;
  • to the State Duma of the Russian Federation;
  • to the Ministry of Finance of the Russian Federation;
  • to the Ministry of Foreign Affairs of the Russian Federation;
  • to Islamic Development bank
  • to the Association of regional banks of Russia

and other state and public organizations of Russia.

As well 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.


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