For the first time in Tatarstan, businesses have used a preferential Islamic financial product

As part of the experiment on partner (Islamic) financing, a preferential product "Murabaha-2024" was launched in Tatarstan. The product was developed jointly with the Russian Islamic Institute and the Entrepreneurship Support Fund of the Republic of Tatarstan with the support of the Ministry of Economy of the Republic of Tatarstan.

The preferential product has been approved by the Council of Ulema of the Spiritual Administration of Muslims of the Republic of Tatarstan and complies with the norms of Islam. It became available on May 7.  

An entrepreneur from the city of Arsk was the first to receive support under the Murabaha-2024 program of the Entrepreneurship Support Fund of the Republic of Tatarstan, in accordance with the norms of Islam, in order to purchase metal structures necessary for construction on the territory of the industrial park. The amount of preferential support amounted to 3 million rubles for a period of 36 months.

The product provides for the possibility of replenishing working capital (except services) for the implementation of entrepreneurial activities for small and medium-sized businesses in the amount of 300 thousand to 3 million rubles for up to 36 months. At the same time, the cost of the product depends on the industry orientation of the entrepreneur's activity.

In addition, as part of the transaction, the applicant used a special warranty certified partner (Islamic) product for business "Daman" of the Guarantee Fund of the Republic of Tatarstan.

You can apply for a product and get advice by contacting the My Business Center, which operates within the framework of the national project "Small and Medium-sized Enterprises" by phone: (843)524-90-90.

Since September 2023, Tatarstan has joined the experiment on partner (Islamic) finance. A two-year experiment is also taking place in Chechnya, Bashkortostan and Dagestan.