Date: 02.12.2009
The meeting of the working group on alternative (Islamic) financial institutions and products dedicated to the prospects arranging Islamic bonds (sukuk) in Russia was held on December 2 in the conference hall of the Russia Muftis council.
The moderators of the meeting were Mr. Alexander Kazakov and Mr. Rustam Vahitov
It was proposed five appearances on foreign and Russian experience in structuring transactions sukuk to the attention of the audience, among whom were mainly experts in law, taxation, banking.
The first presentation on foreign experience sukuk issuance was by Mr. Aziza Atta, partner of "Norton Rose" company, an international expert in the field of Islamic financing.
Mr. Yuri Tuktarov, partner of "Avakian, Tuktarov and partners" company, and Alexander Kazakov told about the features of sukuk issuance in respect of Russian assets, and the nature of the selection of Russian assets for sukuk issuance. Mr. Serik Iskakov said about the trends sukuk issuance in 2009, Ms. Irina Bykhovskaya, partner Ernst&Young company, made presentation about the taxation aspects of structuring sukuk transactions in Russia.
Presentations of Russian experts called discussion of experts on many issues, including the use certain provisions of Sharia standards for Islamic financing in Russia. A large number of issues were addressed to foreign guest. The meeting lasted more than three hours.
At the end moderators have summed up that this issue, being the most interesting and relevant for Russian companies, and considering need to take account the many moments when implemented, needs further study and discussion.