The first deal on an innovative product of Islamic investment banking has been implemented in Russia

In Tatarstan, as part of an experiment in partnership (Islamic) financing, the first investment attraction transaction in the trust management format was implemented. The product is a classic mudaraba agreement that complies with the norms of Russian legislation. 

The deal was concluded for 8 million rubles, the investments are aimed at financing the activities of the republican company Kazmoltorg LLC and will be of a short-term nature.

This transaction continues the development of a new sector of partner (Islamic) capital market instruments.

The management of the company that develops the innovative Islamic investment banking product As Salam notes that in the future it is planned to expand the product line with long-term investment products based on trust management, providing additional investment protection through collateral and sureties under murabaha transactions carried out during trust management.

Renat Yedikhanov, Chairman of the Management Board of the organization, expressed gratitude to the authorities of the Republic of Tatarstan for their support in developing the field of partner finance.

The Ministry of Economy of the Republic of Tatarstan continues to support the development of partner financing in the region, which strengthens the republic's position as a center of innovation in the field of Islamic finance in Russia.

It should be recalled that at the XXVIII St. Petersburg International Economic Forum (SPIEF), an agreement was signed to establish Russia's first specialized branch of partner financial instruments on the stock exchange.