On the 17-18 of March of 2009 in Moscow there took place the First International Conference “Islamic Banking: specific & perspectives”. BankConference Company is the organizer and initiator of this event while ALHUD Centre of Islamic Banking and Economics participated as communicator partner.
The Council of Muftis of Russia was the co-organizer of the conference. The partners of the event were the Russian-Arab Business Council the Foundation for the Support of Islamic culture, science and education, the Islamic cultural center of Russia and also Vitasbank..
The Chairman of The Council of Muftis Sheikh Ravil Gaynutdin opened the conference by his greeting. The Mufti mentioned that the current economic crisis is the most serious for the last hundred years. ‘Crisis is the time when hindrances in the widthwise developing of economy must reinforce the spiritual heavenward advancement of the humankind, when one more possibility is given to the humankind: to construe in a right way and to use reasonably what has been sent to people reflecting on the divine doctrine, which is our blessed religion Islam.’
The Islamic Banking, or the Islamic Economic sector, now is growing considerably all over the world. According to the data given by Mr. Kamil Iskhakov, the representative of the President of the Russian Federation in the Islamic Conference Organization, during his presentation at the event, about 300 Islamic banks with the total capital of 700 billion dollars work all over the world. The turnover of the Islamic financial sector is 11 trillion dollars per annum. In years 2007-2008, the Islamic financial sector increased by 60 percent.
During the two days of the conference, authoritative and esteemed experts in the Islamic banking, esteemed guests of the conference and representatives of Islam acted as speakers. Among them there were Mr. Salman Syed Ali, the Islamic Development Bank, Mr. Masroor Haq, Managing Director, Head for the regions of Middle East and Africa, Deputy Head of Infrastructure Capital and Project Finance VTB Capital and Mr. Harun Kapetanovich, Director of the Economic Development Department of the Government of Dubai and many others.
The Russian party was also represented by the leading specialists in Islam having certain experience in the development and usage of the products of the Islamic Banking. Among them there were Renat Bekkin, Andrey Zhuravlyov, Dr. Leonid Sekyuyainen, Doctor of law, and many other specialists.
The presentation made by the representative of Kazakhstan turned out to be interesting and useful. It concerned the objective conditions of the transfer of the Islamic Banking outside of the Islamic world. Mr. Aidarbek Khojanazarov, BTA Bank, Director of the Islamic Finance Department in Kazakhstan, Head of the Representative Office in Dubai, mentioned that the Islamic Banking is not capital of investment but an instrument which leads to investments. For the purpose of providing a flow of investments into a certain country, it’s desirable for Arabian partners to have their own bank in this territory.
According to the experts’ opinion, the First International Conference “Islamic Banking: specific & perspectives” has prepared a platform for more active relationship between financiers from Russia and Islamic countries as well as for developing the Islamic Banking in Russia.
In foreign countries the same subject is considered by business conference organizers more often than in Russia.
Certainly, it is important that this site allowed its participants to get to know about all the positive and disputable points and prospectives in the development of the Islamic Banking in Russia and also about the experience of the Arabian Gulf and CIS countries, in particular Islamic republics.
Based on the results of the conference, there was adopted a resolution. Mr. Dmitry Medvedev, the President of the Russian Federation, and Mr. Ekmaletdin Ikhsanoglu, the secretary general of the Islamic Conference Organization, during his visit in Moscow were familiarized with this document.