Midkhat Shagiakhmetov: Tatarstan is a pilot region for the implementation of the principles of Islamic finance in Russia
Deputy Prime Minister of the Republic of Tatarstan - Minister of Economy of the Republic of Tatarstan Midkhat Shagiakhmetov spoke at the panel session "Prerequisites for creating a global ecosystem" within the framework of the International Economic Forum "Russia- the Islamic World: Kazan Forum".
The Republic of Tatarstan is acting as a pilot region for the implementation of the principles of Islamic (partner) financing in Russia, within the framework of the Federal Law (No. 417-FZ) adopted at the national level in 2023.
Tatarstan's experience shows that interest in partnership financing from citizens and financial organizations is steadily growing, which is confirmed by specific figures and dynamics of this area and the results of our sociological research conducted twice a year.- Midkhat Shagiakhmetov emphasized.
Today, there are 31 organizations in the register of the Bank of Russia in the field of partner finance, 22 of which operate in Tatarstan. Among them, the largest bank in the country is Sber, and our republic is Ak Bars Bank. It is important to note that the portfolio of fund placement transactions increased by 75% by the end of 2024.The portfolio of fundraising deals grew by more than 2.5 times in 2024.
For the development of entrepreneurship in our republic, new preferential business support products have been developed that are not inferior in cost to their classic counterparts: preferential financing of small businesses by the Entrepreneurship Support Fund; a unique preferential guarantee product DAMAN Garant. RT Fund; leasing according to the norms of partner financing of a Regional leasing company.
To date, Tatarstan has developed and is implementing operations to attract investments through the issue of Sukuk bonds, and the first Russian issue of a digital Islamic bond with financing has been implemented.
The Republic of Tatarstan has accumulated successful experience in implementing individual projects based on the principles of Islamic finance. In January 2014 PJSC AK BARS BANK raised funds in the amount of $100 million provided by a group of international banks with a financing period of 1 year. The Status-Invest investment platform was also launched and interregional financing was attracted to the Republic of Tatarstan.
The results of the development of the Islamic finance market in Russia confirm the willingness of Russian companies to mutually beneficial cooperation with potential investors.