Islamic Finance: Experience and Prospects discussion at Gaidar Forum

The panel discussion, Islamic Finance: Experience and Prospects, was held on January 14, the final day of the Gaidar Forum 2017 at RANEPA.

The participating experts included Murat Aliskerov, General Director of the Islamic Financial Company LyaRiba-Finance; Erlan Baydaulet, Advisor for Islamic Finance to the Minister of Investments and Development of the Republic of Kazakhstan; Behnam Gurbanzade, Adviser to the Deputy Chairman of the Sberbank Board; Ilias Zaripov, Advisor to the Executive Board of the Bank Group ZENIT; Renat Edikhanov, Chairman of the Branch Office of Islamic Finance at the All-Russian Public Organization Business Russia; Edil Islamov, Director General of the Investment and Innovation Development Agency of the Republic of Chechnya; Linar Yakupov, Adviser to the Prime Minister of the Republic of Tatarstan on Islamic Finance, President of the Islamic Business and Finance Development Fund; and State Secretary – Deputy Chairman of the Central Bank of Russia Alexander Torshin.

Before the debate, Mohammed Yandiev, Associate Professor at the Economics Faculty of Lomonosov Moscow State University, who moderated the session, summarized the preliminary results of the previously discussed issue. This industry in Russia includes 7 companies employing a total of 50 people, with a 1.5 billion annual turnover, about 100 million rubles in assets, and 500 million rubles in borrowed resources. The expert further highlighted the following events: the move by Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov, who first studied the issue with a view to develop a legal framework for Islamic finance, Sberbank’s pilot project, the opening of the Partnership Banking Center in Kazan and Islamic finance training courses, etc.

According to Alexander Torshin, the partnership banking roadmap was drafted in 2015, designed for two years.

Yerlan Baidauletov shared Kazakhstan's experience in partnership financing.

Behnam Gurbanzade noted that there are problems with the existing legislation, as it limits partnership banking, education (a shortage of experts in this field) and the Islamic Development Bank (the need to bring it in as a consultant and provide a full-fledged model to the market).

The speakers agreed that things got rolling in the industry, there is progress, but Russia needs to pay more attention to the development of Islamic finance.

Organizers of the Gaidar Forum: “The Russian Presidential Academy of National Economy and Public Administration” (RANEPA), The Gaidar Institute for Economic Policy (Gaidar Institute) and the Association of Innovative Regions of Russia (AIRR).

Web: the Gaidar Forum


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