New partner financial products are being introduced in Tatarstan
Systematic work is underway in the republic on an experiment within the framework of the implementation of partner (Islamic) financing. Today, at a press conference in the Tatar-Inform news Agency, new financial products for partner financing, which were launched in Tatarstan were presented.
The adoption of the law on partner financing stimulated additional interest of the population and businesses in Islamic finance, the number of transactions using partner financing instruments increased by 2 times.
Deputy Minister of Economy of the Republic of Tatarstan Roman Amirkhanov recalled that the experiment on partner financing started in September last year, including in Tatarstan. In the republic, together with banks, universities, clergy and experts, an action Plan has been formed in six key areas, which are actively being worked on.
Among these areas are improving financial literacy of the population, training specialists, monitoring the implementation of the experiment and developing proposals for improving the mechanism, developing the market, promoting investment and expanding international cooperation.
To date, 13 organizations are represented in the register of the Central Bank of the Russian Federation, 10 of which are republican, in addition, Sberbank is doing a lot of work in the republic. Five more organizations have submitted an application to the Bank of Russia, and 3 more market participants are preparing documentation.
Deputy Director for Economics and Finance of the Guarantee Fund of the Republic of Tatarstan Rasim Usmanov spoke about the warranty product "DAMAN". The maximum amount of the guarantee of the Guarantee Fund of the Republic of Tatarstan for the product is 50 million rubles, the amount of the guarantee is up to 50% of the loan amount.
Representatives of Ak Bars Bank presented Islamic products for entrepreneurs: an Islamic checking account, a business card and Islamic factoring. Islamic factoring works without debt formation, on the principles of partnership and provides entrepreneurs with a solution to the problem of the cash gap.
Stanislav Shebotnev, Head of the Regional Development Service of the State Procurement Agency of the Republic of Tatarstan, presented a trading platform according to the norms of Islamic finance – this is a specific electronic trading platform, in the structure of which there are special bodies (Sharia Council, Sharia controller and Sharia court) and a trading system that complies with the principles of partner (Islamic) financing. Payments for the delivered goods are made only to Islamic settlement accounts. In addition, the possibility of concluding a Murabaha contract has been established, which involves installments for the delivered goods.
All presented financial products are approved by the Ulema Council of the Spiritual Administration of Muslims of Tatarstan and comply with Sharia law.
According to the speakers, the new financial products of partner financing have a market value, that is, they are aligned with traditional financial products.
Ruslan Khaliullin, Head of the Department for Partner Finance at the Ministry of Economy of the Republic of Tatarstan, said that in order to inform the public and purposefully address potential customers in the Republic, it was decided to create, together with the clergy of the Republic and market participants, a single portal that will combine information and training materials and offers from market participants into a single digital space.
Bulat Mubarakov, a member of the Ulema Council of the Republic of Tatarstan, also spoke at the press conference, who spoke about Sharia control of financial products.
Let us recall that on September 1, 2023, a two-year experiment on the introduction of partner (Islamic) financing was launched in Tatarstan, Bashkiria, Dagestan and Chechnya. The relevant law was adopted in August last year.