Date: 19.08.2009
The meeting of the working group on alternative (Islamic) financial institutions and products dedicated to the prospects and performance of contracts Musharaka and Mudaraba in Russia was held on August 19 in the conference - hall of Russia Muftis Council.
Mr. Maqsood Tagibekov (a senior manager with Ernst & Young), Mr. Alexander Tuzenko (a lawyer of "Norton Rose"), Mr. Yegor Batanov (senior lawyer Pepelyaev, Goltsblat & Partners company) made presentations on various aspects of the implementation of these contracts in Russia.
Participants of the meeting discussed the main advantages of these types of contracts for the Russian economy and summarized the current obstacles to their implementation in the Russian banking practice.
This meeting is the second in a series of working group meetings on individual products of Islamic financing. The first meeting devoted to the contract murabaha, the most common in practice, was held in June this year.