The turnover of Islamic banking in Tatarstan amounted to 2.8 billion rubles
Tatar-inform News Agency held a press conference dedicated to the results in the field of partner finance in Tatarstan. Ruslan Khaliullin, Head of the Partner Financing Division at the Ministry of Economy of the Republic of Tatarstan, said that after the adoption of the federal law on the experiment on partner financing, the number of transactions increased by 2 times. In the first half of 2024, 1,225 Sharia banking transactions were concluded in Tatarstan — their volume amounted to 2.8 billion rubles.
Since September 1, 2023, a two-year experiment on the introduction of partner (Islamic) financing has been operating in Tatarstan, Bashkiria, Dagestan and Chechnya. The relevant law was signed by Russian President Vladimir Putin. As of today, 22 companies are listed in the register of the Bank of Russia in the field of partner finance, 16 of which operate in Tatarstan.
During the experiment, for the first time in Russia, a number of new products were launched - this is project financing, preferential financing of small businesses, a unique guarantee product, leasing according to Sharia norms. Some of the new products are being implemented by the Ministry of Economy of the Republic of Tatarstan and its subordinate business support institutions. The Entrepreneurship Support Fund has financed small businesses in the amount of more than 51 million rubles. Under the unique preferential guarantee product "DAMAN", the Guarantee Fund of the Republic of Tatarstan provided guarantees for SMEs in the amount of over 9 million rubles. The regional leasing company is in the process of financing over 29 million rubles according to the norms of partner financing.
In addition, there is an electronic trading platform using partner products. The Agency for State Procurement of the Republic of Tatarstan organized 34 auctions of halal products in the amount of 22 million rubles.
According to the speaker, for the effective implementation of the experiment, it is necessary to increase the accessibility and development of partner financing tools for the public and business, equalize the conditions for the implementation of partner and traditional finance.
One of the key goals of the experiment is to create a mechanism to attract foreign investment in Russian projects from the countries of the Organization of Islamic Cooperation. Work is underway to attract investments in a number of pilot projects. The next stage should be the formation of an organized capital market.