New Step in the Development of Islamic Finance in Russia: CIBAFI Training Kicked Off in Kazan
New Step in the Development of Islamic Finance in Russia: CIBAFI Training Kicked Off in Kazan
25 February
A three-day training programme on Islamic finance, organised by the Tatarstan Investment Development Agency together with the General Council for Islamic Banks and Financial Institutions (CIBAFI), began at the Korston Hotel on 24 February. The Event brought together leading specialists in Islamic banking, along with the representatives of the financial sector and government agencies. The training was intended for the representatives of financial institutions, organisations, and banking structures from various regions of Russia; experts from Moscow, St. Petersburg, Tatarstan, and Bashkortostan were among the participants.
Keynote addresses by Taliya Minullina, Head of the Tatarstan Investment Development Agency; Dr Abdelilah Belatik, Secretary General of CIBAFI; and Dr Muhammad Bilal, Project Manager of the CIBAFI Research & Regulatory Affairs and session moderator, were made at the strategic meeting dedicated to the prospects of Islamic finance development in the Russian Federation. Islamic banking is one of the promising innovations in the global financial sector, which is actively developing in Islam-oriented countries and beyond. “Despite dynamic co-operation between our companies and Islamic countries, the use of Islamic financial instruments is yet in its early stages. To speed up this process, we need to create an extensive infrastructure. Today we have launched the next stage of the training, which will help to deepen the knowledge of our specialists for the further development of Islamic banking in Russia. It should be noted that the training is conducted by world-renowned experts,” Taliya Minullina emphasised.
At present, not only banking structures in Tatarstan look to Islamic financing instruments, but also large industrial enterprises, as well as petrochemical and mechanical engineering companies. One of the key mechanisms is the issue of Islamic bonds (sukuk), which might function as an alternative source of raising capital for businesses. “This presents an opportunity for Russian regions to collaborate with new international partners. It is not just about investments from countries comprising the Organisation of Islamic Cooperation, but also about the export of Russian halal products to such countries, of which there are about 50-57. This enhances the prospects of developing trade turnover and increasing the scope of our co-operation,” Abdelilah Belatik stated. Upon completion of the course, all participants will receive official CIBAFI certificates confirming their proficiency in Islamic finance and thus opening new horizons for working with international partners.
A conference on Islamic finance and taxes will be held within the framework of the forum “Russia – Islamic World: KazanForum” 2025, which will be held on 13-18 May. This event will become an important step for further development of Islamic banking in Russia. In addition, the Forum will host a working group meeting to discuss, among other things, the integration of Islamic banking principles into Russian legislation.
Keynote addresses by Taliya Minullina, Head of the Tatarstan Investment Development Agency; Dr Abdelilah Belatik, Secretary General of CIBAFI; and Dr Muhammad Bilal, Project Manager of the CIBAFI Research & Regulatory Affairs and session moderator, were made at the strategic meeting dedicated to the prospects of Islamic finance development in the Russian Federation. Islamic banking is one of the promising innovations in the global financial sector, which is actively developing in Islam-oriented countries and beyond. “Despite dynamic co-operation between our companies and Islamic countries, the use of Islamic financial instruments is yet in its early stages. To speed up this process, we need to create an extensive infrastructure. Today we have launched the next stage of the training, which will help to deepen the knowledge of our specialists for the further development of Islamic banking in Russia. It should be noted that the training is conducted by world-renowned experts,” Taliya Minullina emphasised.
At present, not only banking structures in Tatarstan look to Islamic financing instruments, but also large industrial enterprises, as well as petrochemical and mechanical engineering companies. One of the key mechanisms is the issue of Islamic bonds (sukuk), which might function as an alternative source of raising capital for businesses. “This presents an opportunity for Russian regions to collaborate with new international partners. It is not just about investments from countries comprising the Organisation of Islamic Cooperation, but also about the export of Russian halal products to such countries, of which there are about 50-57. This enhances the prospects of developing trade turnover and increasing the scope of our co-operation,” Abdelilah Belatik stated. Upon completion of the course, all participants will receive official CIBAFI certificates confirming their proficiency in Islamic finance and thus opening new horizons for working with international partners.
A conference on Islamic finance and taxes will be held within the framework of the forum “Russia – Islamic World: KazanForum” 2025, which will be held on 13-18 May. This event will become an important step for further development of Islamic banking in Russia. In addition, the Forum will host a working group meeting to discuss, among other things, the integration of Islamic banking principles into Russian legislation.
