No interest loans for enterprises of Tatarstan. Ministry of Economy of the Republic of Tatarstan prepares a new mechanism for supporting business

10 May 2018, Thursday

Enterprises of Tatarstan will be able to take no interest loans This opportunity will be available for managing companies and residents of industrial parks of the Republic of Tatarstan (industrial parks, agricultural cooperations, exporter enterprises), including companies working in the halal lifestyle. It was reported by the Ministry of Economy of Tatarstan Farid Abdulganiev at the KazanSummit.

The possibilities of the products, entering the market now, were discussed at the forum. "One of the tool, which I hope, will become interesting for enterprises running their business in the halal industry, - is the possibility to take a no interest loan", Abdulganiev noted. "We are moving away from the concepts of riba and interest. There are repayable funds, but at the same time it doesn't force into indentured servitude neither the creditor, nor the credited. In addition, it won't contradict to the companies that already operate in the halal lifestyle", - the Minister noted. 

The product will enter the market in the coming days. Currently, legal aspects of this tool are being worked over, Abdulganiev noted.

No interest loan will preserve the principle of repayment of funds, and will become a transitional tool for enterprises of the Halal industry working according to the Islamic principles.

 Press service of the Ministry of Economic Development of the Republic of Tatarstan

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