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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.

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