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Mufti calls Russia to extend Islamic financing system

Moscow, March 18, Interfax - Chairman of Russia's Mufti Council Ravil Gaynutdin considers the Islam financial system as an efficient alternative option to the world financial system and hopes to expand it within Russia.

"We believe that with the help of God, Russia with its enormous economic and scientific potential and a large share of Muslim population, and the role which this country enjoys being part of the Islamic world, will efficiently and reasonably use the potential of Islamic financing instruments which now are attracting considerable interest of both scientific and business circles," Mufti Gaynutdin said at the International Islamic Banking conference held in Moscow.

He said that "the global recession made us think about many things and realize that the existing credit system is completely wrong and that the economists who have warned the world about the huge credit bubble threatening the global economic system are completely right."

"However, there is always an alternative way which was conceived in its current form in 1960s and has already proved its viability. The system focuses on moral and ethical values as opposed to ubiquitous consumer attitudes which concentrate on gaining profit. Today, this alternative is referred to as Islamic banking," Gaynutdin said.

He reminded that the Prophet Muhammad himself "before he received his Prophet Mission, had been involved in trade, managed the trade business and became widely known for his honesty and integrity in trade deserving trust and respect of people."

Mufti Gaynutdin believes that the Islamic economy is a comeback to the principles which, according to him, God commanded not only in Qur'an, but also in the Bible.

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