CIBAFI Strategic Meeting
For three days in Kazan, world-class experts, representatives of the international regulator of Islamic finance CIBAFI, will share their knowledge about partner financing. The unique educational marathon for experts and market participants was opened today by the head of TIDA, Taliya Minullina.
She spoke about the events of the Tatarstan Investment Development Agency on the topic of studying the Islamic finance market - these are business breakfasts and round tables with regions participating in the experiment. She especially noted the need to promote Russia in the ratings of global agencies.
"People who want to invest in the Islamic sector, come to our country, they open reports from global analysts and see that nothing is happening in Russia in the field of Islamic finance. Why? Because we ourselves do not convey this information to them in any way. If it were not for our KazanForum platform, Russia would be a blank spot on this map."
Therefore, the Agency published a special collection on the services provided by our organizations for the Islamic Development Bank (Saudi Arabia).
Almost half of Tatarstan's trade turnover comes from OIC countries, and inclusion in the market of partner financing can ensure a corresponding inflow of investments from these countries.
Taliya Minullina noted that three important instruments are not yet used in Russia: sukuk, takaful, waqf financing. Abdelilah Belatik, Secretary General of CIBAFI, said in an interview with journalists that the successful development of the Islamic finance market and the availability and popularity of these services is based on a clearly structured infrastructure in the state - this is legislation, taxes and general regulation.
By the way, the final discussion of the draft amendments to the law on partnership financing was recently held under the leadership of Anatoly Aksakov, Chairman of the Committee on Financial Markets of the State Duma of the Russian Federation. As noted by the deputy from Tatarstan Airat Farrakhov, "The draft law is designed to ensure uniform application of the rules of partnership financing, increasing transparency, efficiency and attractiveness of instruments. We will continue to remove barriers, improve dialogue with market participants, and in every possible way promote the development of this part of the financial market."
The prepared draft law introduces another regulatory body - the standards committee. The list of operations permitted within the framework of the experiment is expanded. A ban on receiving remuneration in the form of interest is introduced, while the current legislation only prohibits setting remuneration. And the experiment itself is proposed to be extended until 2028.