The Republic of Tatarstan will become the pilot region for start of Islamic banking and finance in the Russian Federation

On April 9, 2015 in Kazan the international Kazan Sukuk Conference 2015 conference devoted to development of the market of Islamic finance (sukuk) in Russia took place.

Representatives of the Office of the Cabinet of the Republic of Tatarstan, bank community of the republic, Fund of development of Islamic business and finance, and also Malaysian finance companies took part in conference. From the Ministry of Economics the deputy minister Bulat Haziakhmetov and the head of department of investment activity Igor Gubaidulin took part in action.

During conference questions of development of the sukuk market  were discussed, examples of successful sukuk releases, features of sukuk release  in Russia and the CIS countries, and also structure of sukuk transactions taking into account the Russian legal framework were lit.

Within the above conference between the Government of the Republic of Tatarstan and the Malaysian-Russian consortium the agreement which purpose is preparation of the feasibility study on creation of Islamic bank or Islamic bank "window" in the territory of Tatarstan was signed.