Midhat Shagiakhmetov: New preferential Islamic financial products have been developed in Tatarstan
In an interview with RBC, Deputy Prime Minister of the Republic of Tatarstan - Minister of Economy of Tatarstan Midhat Shagiakhmetov spoke about the progress of the experiment on partner (Islamic) finance in Tatarstan, solving problems with personnel, low public awareness, combating stereotypes around Islamic finance and what kind of impetus the international economic forum "Russia – Islamic the world: KazanForum".
The Minister noted that before the adoption of the law on the experiment, Islamic finance was more expensive than traditional ones. The law took into account a number of proposals, which made it possible to equalize certain conditions of classical and partner financing. At the same time, a number of partner financing tools have a competitive advantage over traditional ones. The demand for Islamic products is growing.
As part of the experiment, new preferential products for small businesses have been developed, which are not inferior in cost to classic analogues. These products will be presented at KazanForum.
Read more about the new Islamic financial products in the interview at the link
As a reminder, an experiment on partner finance has been underway in Tatarstan since September 1, 2023. The two-year experiment will be completed in 2025.