RESOLUTION
OF THE INTERNATIONAL CONFERENCE
«Islamic Banking: Specifics and Prospects»
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
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
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
5. To support the idea of developing a standard of a public union – standard of Islamic financial institutions and products for
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:
and other state and public organizations of
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.