Partnership Finance Experiment in Russia: interim results and prospects
"The partner finance market is developing, and the potential is huge!" - the inspirer of the bill on partner financing, Airat Farrakhov, noted that the adoption of the law mobilized the financial market, and the past year has shown that "we are on the right track."
25 speakers and 3 hours of discussion – the Islamic Finance workshop brought together market participants from all pilot regions.
His goal was to show what products are available to people today. For example, Ak Bars Bank, a pioneer of the federal register, launched 9 new products after the adoption of the law, "Islamic Windows" equipped with prayer rooms work in the bank's offices, they are planned to open in Moscow and Ufa. The BEAC, which opened the first Islamic office in Kazan, noted an increase in the flow of cash services according to Sharia norms by half. Now the bank's focus is to create the most comfortable conditions for customers. Mir Business Bank continues to act as a conduit for our business to work with Iran, noting a multiple increase in the volume of transactions after the adoption of the law on partner financing. Amal Financial House is also actively continuing its work. Sahih Invest offers innovative digital products.
In the whole country, in the first half of 2024, the volume of partner financing operations for raising funds amounted to 3 billion rubles, for placement – 2.4 billion rubles. At the same time, for the whole of 2023, these figures amounted to 1.8 billion rubles. That is, we see a significant increase in the volume of operations. Tatarstan is actively participating in the experiment, more than half of the participants – 12 organizations – are regional. Another 6 federal structures have divisions in the republic, said Marat Sharifullin, head of the Central Bank's branch in Tatarstan.
"In Tatarstan and Russia, there are still undeveloped tools, thanks to which the economies of other Islamic countries are growing," Taliya Minullina noted in her speech the importance of entering international platforms. "And this experience must be mastered. The Agency has prepared an overview of global practices in Islamic finance for the participants of the round table. Tatarstan is mentioned in them as part of KazanForum, but we need to strive for the positions that Iran has in them – leadership in all financial products, 4.6 trillion dollars – the volume of the global market of Islamic finance – and these are countries friendly to us," said the Head of TIDA of the Republic of Tatarstan.
Deputy Prime Minister of the Republic of Tatarstan - Minister of Economy of the Republic of Tatarstan Midhat Shagiakhmetov said that the adoption of Law 417 – FZ significantly increased activity in this market and stressed that the development of the domestic partner finance market is one of the key goals in attracting foreign investment under sanctions.