Islamic-Finance.ru a meeting of Muslim initiative group on establishing Shariah and Expert Councils took place in Kazan. Representatives of the Religious Department under the cabinet of Ministres of the Republic of Tatarstan, Non-profit Fund for the Development of Islamic Business and Finance (IBFD Fund), Russian Islamic University (RIU), Spiritual Administration of Muslims of the Tatarstan Republic and Non-profit partnership of Muslim enterpreneurs "Tarhan Group" participated in the meeting.
The meeting of the initiative group was initiated by Non-profit Fund for the Development of Islamic Business and Finance (IBFD Fund). Foundation of the Expert Council on Islamic Economy and Shariah Council were the key problems for discussion and considered to be an important stage in development of Islamic Business and Finance in our country.
At the end of the meeting there was taken a decision of creation an Expert Council on Islamic Economy on the base of RIU with 15 persons stuff. The Expert Council on Islamic Economy will function as an advisory body regulating the problems of islamic finance, business, law etc. Scientific and practical assistance will be rendered by Non-profit Fund for the Development of Islamic Business and Finance (IBFD Fund), Russian Islamic University and Non-profit partnership of Muslim enterpreneurs "Tarhan group".
Creation of Shariah Council that will start up its work soon will give an opportunity to present official conclusion on compliance with Shariah norms of certain deals, operations and transactions. Spiritual Administration of Muslims of the Tatarstan Republic, RIU and IBFD Fund will be involved in the process of Shariah Council establishment by the recommendation of initiative group. In the staff of Shariah Council will be included recognized experts in the field of Islamic law. The initial stage of Shariah Council work will be supported by the leading International Shariah Councils.
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© Press Release 2010
