March 12, 2010 a meeting of Muslim initiative group on establishing Shariah Board and Expert Council took place in Kazan. Representatives of the Religious Department under the Cabinet of the Republic of Tatarstan (RT), Non-profit Fund for the Development of Islamic Business and Finance (IBFD Fund), Russian Islamic University (RIU), Muslim Religious Board of RT and Non-profit partnership of Muslim entrepreneurs “Tarhan Group” participated in the meeting.
March 12, 2010 a meeting of Muslim initiative group on establishing Shariah Board and Expert Council took place in Kazan. Representatives of the Religious Department under the Cabinet of the Republic of Tatarstan (RT), Non-profit Fund for the Development of Islamic Business and Finance (
IBFD Fund), Russian Islamic University (RIU), Muslim Religious Board of RT and Non-profit partnership of Muslim entrepreneurs “Tarhan Group” participated in the meeting.
The meeting was initiated by Non-profit Fund for the Development of Islamic Business and Finance (IBFD Fund). Foundation of the Expert Council on Islamic economy and Shariah Board was the key issue discussed at the meeting and is considered to be an important stage in development of Islamic business and finance in Russia.
It was decided to create an Expert Council on Islamic economy on the basis of RIU with 15 person staff. The Expert Council on Islamic economy will operate as an advisory body regulating the problems of Islamic finance, business, law etc. Scientific and practical assistance will be rendered by Non-profit Fund for the Development of Islamic Business and Finance (IBFD Fund), Russian Islamic University and Non-profit partnership of Muslim entrepreneurs “Tarhan Group”.
Establishment of the Shariah Board that will start its work soon will allow to issue official resolutions on compliance with Shariah of deals, activities, transactions, etc. Muslim Religious Board of RT, RIU and IBFD Fund will be involved in the process of Shariah Board establishment on recommendation of the initiative group. The Shariah Board will consist of recognized experts in the field of Islamic law. The initial stage of Shariah Board work will be supported by the leading international shariah boards.
Press-service, “Linova-Media”
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