ICD offers Islamic finance study tours to Russian, CIS officials

The consensus at the pioneering inaugural Roundtable on "Islamic Finance in Russia and the CIS: Market and Regulation" which was held last week in Istanbul and organized by Bank Conference and largely sponsored by the Jeddah-based Islamic Corporation for the Development of the Private Sector was the following:
The intellectual argument for and the demystification of Islamic finance has gained much ground in Russia and the CIS countries over the last two years, but the political decision makers and bureaucracy, especially the banking regulatory authorities, still need to be convinced about the role an alternative Islamic system of financial management can play, especially in the aftermath of the global financial crisis. As such, Islamic finance in the region is at best a work in progress but the task ahead remains huge.