In the State Duma was held a round table about the problems and prospects of the introduction of Islamic banking in Russia
For discussion, which opened in Moscow, was pronounced a wide range of issues: from the feasibility study of establishing an Islamic bank and practices of Russian companies in the field of Islamic finance to risk assessment in the implementation of Islamic banking to the country and review of the measures necessary for its successful launch.
The key topic of discussion was the need to amend the legislation in Russia for the valuable work in the country of Islamic banks or Islamic banking windows. Round table was also connected with the fact that at the present time the Russian State Duma introduced a bill on Islamic banking. This, in particular, is a question of amending the law «On Banks and Banking Activity».
Among the participants of the round table was the President of the Islamic Business and Finance Development Fund (IBFD Fund) Linar Yakupov. The structure, which was opened in the first World Economic Summit of Russia and countries of the OIC (KazanSummit) is designed to promote the development of bilateral economic and business relations between Russia and the OIC member countries, using the mechanisms of the Islamic economic system. The purpose of the Fund - the development, strengthening and improving the Islamic Business and Finance in the Russian Federation and CIS countries.
Over the past years, the fund has become a successful existing, competent center of Islamic Business and Finance in Russia. Currently IBFD Fund is actively working for conducting a unique event in Russia in the field of Islamic finance - Kazan Sukuk Conference 2015. The event, which is the main venue of the Russian Federation for entering the financial markets in the East, is a conference for discussion practical issues related to Islamic securities market «sukuk», will be held on April 9, 2015 in Kazan.
During the round table Linar Yakupov spoke about the feasibility study of establishing Islamic bank or Islamic banking windows. In February this year, the President of the Islamic Business and Finance Development Fund together with a group of experts in the field of Islamic banking participated in Malaysia in several meetings, including the meetings at the federal level, where they discussed aspects of the introduction the Islamic banking in Russia. As the result there was formed the Malaysian-Russian consortium, which will prepare a feasibility study to launch Islamic banking in Russia. IBFD Fund in this structure represents the interests of Russia.
Performances that have been made in the State Duma, also included the prospects of introducing Islamic banking in the CIS countries, banking regulation and religious economic principles, the future of Islamic finance in Russia, integration of Islamic finance in the Russian legal system.
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