“Islamic Finance Course”

Time: May 18, 2023, 10:00–18:40

Organiser: Sber Corporate University, Accounting and Auditing Organization for Islamic Financial Institutions – AAOIFI

Moderator:

Najaf Rzayev, Project Leader, Centre for Partner Financing and Special Projects of Sberbank of Russia PJSC

Speakers:

Farhan Noor, Head of Capacity Building Programs, AAOIFI, Bahrain;

Mufti Ismail Ebrahim Desai, Head of Global Islamic Financial Services (GIFS), South Africa;

Khondamir Nusrathujaev, Manager, Accounting and Reporting Department, Islamic Development Bank, AAOIFI Board Member.

The “Islamic Finance Course” educational program was held for the participants within the framework of the XIV International Economic Forum “Russia – Islamic World: KazanForum” by the Sber Corporate University together with the Sber experts (Centre for Partner Financing and Special Projects) and the Accounting and Auditing Organization for Islamic Financial Institutions – AAOIFI.

Farhan Noor in his opening message told about the values, functions and competitive advantages of Islamic finance. He also described some Islamic finance terminology. After the Farhan Noor’s report, a memorandum of understanding (cooperation) was signed between the SberUniversity and AAOIFI.

Mufti Ismail Ebrahim Desai familiarized the educational course with the banking principles that comply with Sharia law. He told about the Islamic banking methods, including musharaka, mudaraba and murabaha.

Khondamir Nusrathujaev described the standards and particulars of Islamic financing, the specificity of Islamic commercial law and banking activities, business accounting and corporate management.

Najaf Rzayev mentioned in his report that in December 2022 Sberbank opened in Kazan the first Islamic financing office in Russia. It offers the banking products that comply with Sharia law. He also noted that a pilot project on partner (Islamic) financing was launched in 4 Russian regions (the Republic of Bashkortostan, the Republic of Dagestan, the Republic of Tatarstan and the Chechen Republic). In his opinion, this will contribute to the development of Islamic business in the Russian market, strengthened economic relations between the countries, as well as the launch of new joint projects.

At the end of the training course, a business game was held for the students: they were offered business cases to solve.

Upon the completion of training, the students received certificates of the SberUniversity and AAOIFI confirming that they have studied the basics of Islamic financial activity.

A new stream of the Sberbank University’s main “Islamic Finance” program will start in Russia on July 17, 2023.