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Islamic Finance: Experience and Prospects

January 14, 2017, 10:00 – 12:00, Building 5, 3rd Floor, Green Hall

An active discussion on the establishment of the Islamic financial sector in the current financial system has been taking place in the past two years in the Russian Federation. Until recently, the main subject of discussions was what benefits these new types of financial relations could bring to the Russian economy. In general, all discussions agree that the development of Islamic finance will make it possible to attract into the economy, first of all, the savings of a part of the population which currently do not use the services of banks for religious reasons, and secondly, foreign investments by means of the issuance of Islamic securities by Russian companies. In this regard, the main task today is to establish standards governing the activities of Islamic financial institutions, and to introduce amendments into the existing legislation sufficient for the successful functioning of the sector.

Issues for Discussion

  • Development of Islamic finance in the regions: the experience of companies and government agencies
  • In what direction is the process of amending the legislation moving, towards a separate law or towards multiple legislative amendments?
  • The role of the Central Bank in regulating Islamic finance
  • Demand, supply, regulation: which one of these factors in the development of Islamic financial services lags in Russia?
  • International experience of state regulation of the sector

Moderators

  • Bekkhan Chokaev
    Bekkhan Chokaev

    Deputy Head, International Investment and Financial Market Research Laboratory, RANEPA; Senior Research Fellow, Gaidar Institute for Economic Policy

  • Magomet Yandiev
    Magomet Yandiev

    Associate Professor, Economics Faculty, Lomonosov Moscow State University

Participants

  • Murat Aliskerov
    Murat Aliskerov

    General Director, Islamic Financial Company “LyaRiba-Finance”

  • Erlan Baydaulet
    Erlan Baydaulet

    Advisor for Islamic Finance to the Minister of Investments and Development of the Republic of Kazakhstan

  • Behnam Gurbanzade
    Behnam Gurbanzade

    Adviser to the Deputy Chairman of the Board, Sberbank of Russia

  • Ilias Zaripov
    Ilias Zaripov

    Advisor to the Executive Board, Bank Group ZENIT

  • Renat Edikhanov
    Renat Edikhanov

    Chairman, the Branch Office of Islamic Finance, the All-Russian Public Organization Business Russia

  • Edil Islamov
    Edil Islamov

    Director General, Investment and Innovation Development Agency of the Republic of Chechnya

  • Linar Yakupov
    Linar Yakupov

    Adviser to the Prime Minister of the Republic of Tatarstan on Islamic Finance; President, the Islamic Business and Finance Development Fund