Midhat Shagiakhmetov took part in a round table on partner financing
Today, with the participation of the Deputy Prime Minister of the Republic of Tatarstan - Minister of Economy of the Republic of Tatarstan Midhat Shagiakhmetov, a round table on partner (Islamic) financing was held, during which market participants told about the partner financial products being implemented, and representatives of the participating regions from Bashkortostan, Chechnya and Dagestan informed about the progress of the experiment on partner financing in the regions.
The Minister recalled that work in the field of partner (Islamic) finance in the Republic of Tatarstan has been conducted for more than 15 years, successful experience has been accumulated in the implementation of individual projects based on the principles of Islamic finance. To date, a number of credit and financial organizations provide services in the field of partner finance. At the same time, the development of this segment of the financial market requires an increase in the consistency and quality of its regulation, as well as the alignment of the conditions for the implementation of partner and traditional finance.
To implement the experiment, the Bank of Russia has developed a number of relevant regulatory documents for regulating and supervising the activities of the participants in the experiment. Including instructions establishing the procedure for maintaining a special register, after inclusion in which organizations become a participant in the experiment on partner financing. Two organizations of the republic are currently included in the register of the Central Bank, 3 more applications are under consideration. Midhat Shagiakhmetov noted the need for maximum inclusion of other market participants in the register.
The Minister noted that in October, the Ministry of Economy conducted a number of sociological studies that showed insufficient awareness of the population and business representatives about the products of partner (Islamic) finance. Midhat Shagiakhmetov voiced the need for more active information work.
For the successful implementation of the experiment, a detailed plan of measures for the development of partner finance in the republic for the period of the experiment has been formed. The roadmap includes raising awareness and financial literacy of the population and business in the field of partner finance, training specialists, making proposals, including on regulatory regulation, developing the market and financial infrastructure, attracting investment in projects based on the principles of partner finance, as well as expanding international cooperation.
In conclusion, Midhat Shagiakhmetov noted that the result of the experiment and the further development of partner (Islamic) finance in Russia depend on joint work with other pilot regions. He also noted the need to form proposals to create a legal regulatory framework for the active development of this financial sector.