The course on "Islamic finance", implemented by the Moscow International Higher Business School jointly with the Department of Economics of the Russian Mufties Council with the assistance of the Russian Association of Experts in Islamic Finance, was launched in September last year and ended on the eve of presentation of the final projects of the graduates.

Five projects in creating Islamic finance companies as well as projects related to attracting investment in high technology manufacture were presented:

• · Organization of the fund of private equity «Al-falyak" - the project provides for the creation of a private equity fund in accordance with the laws of Islamic finance;
• · «Finhealth - Exchange of credit resources" - an existing project, based on a unified framework for investors and people wanting to implement their projects;
• · "Our fitness" - the project that provides for attracting investment to the organization of the fitness center, under the mudaraba contract between investors and the initiative group;
• · Llc. NPK "Nanocrystal" – the research investment project, based on the organization of the enterprise on manufacture of products made of artificial sapphire crystal;
• · "Creating a vertically integrated honey company" - an investment project that provides for creating a company for the production of linden honey, as well as production barrels for honey from the trunks of lindens.

The event aroused great interest among the graduates of previous courses, experts, bankers and others interested in the topic. More than 50 people attended the event.

The graduates spoke according to the toss by the jury. The jury included: the Deputy Director of the Legal Department of the Ministry of Finance of RF V. Kudryashov, the Head of the Planning and Budget Office of the NTV Plus I. Khoroshilova  and the Director of the Department of Economics of the Russian Mufties Council M. Kalimullina.

After listening to the speeches of the jury, audience and guests asked questions about the Syariah control, investment attractiveness of the projects, organizational and legal form of the projects realization, etc.

After deliberation on the projects the jury chosed two of the best project - a NPK "Nanocrystal" and "Creating a vertically integrated honey company. " Both projects are based on actual developments of Russian scientists, who have a patent on their inventions. All speakers were presented with a certificate of "A participant of the final projects presentation”, and the best projects were awarded with diplomas "The Best Project".

By decision of the organizers, participants of the course will have the opportunity to attend individual lectures in the fourth set of the course, in particular, the seminars of foreign lecturers. In addition, graduates were invited to join the Russian Association of Experts on Islamic finance, established in February last year in Moscow.

February 3, 2011.