Results of Islamic Banking Experiment May Be Summarised in 2026
Results of Islamic Banking Experiment May Be Summarised in 2026
27 February
Interim results of the experiment on the introduction of Islamic banking in Russia, which is currently taking place in Tatarstan, Bashkortostan, Dagestan, and Chechnya, might be summarised following next year. Kamil Samigullin, Chairman of the Spiritual Administration of Muslims of the Republic of Tatarstan (SAM RT), said.
“There is an experiment going on now, and we have to try out different products. Someone treats them with distrust, but the very fact of this experiment is a great victory for us. I think it will add to our attractiveness in the eyes of eastern investors,” the Mufti of Tatarstan commented.
Today the SAM RT signed a co-operation agreement with Sberbank to develop a branch of partnership financing. The bank has received fatwas (certificates of compliance of these products with Islamic requirements) from the Spiritual Administration of Muslims for several such products: “Amana” settlement account, “Adafa” debit card, Islamic settlement and cash services, “Murabaha” factoring, and “Murabaha” mortgage. Monitoring of Shari’ah compliance will take place as well: SAM specialists will shortly visit the office of the bank, specialising in partner financing.
According to Kamil Samigullin, not all legal acts meet the expectations. Despite that, the process has already been launched, which means necessary changes will be made later.
The Mufti noted that 98% of products circulating based on Islamic finance in the Russian Federation were developed in Tatarstan with 8 out of 11 Russian experts in Islamic finance, who are certified by AAOIFI (organisation developing Shari’ah standards), living in Tatarstan as well.
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“There is an experiment going on now, and we have to try out different products. Someone treats them with distrust, but the very fact of this experiment is a great victory for us. I think it will add to our attractiveness in the eyes of eastern investors,” the Mufti of Tatarstan commented.
Today the SAM RT signed a co-operation agreement with Sberbank to develop a branch of partnership financing. The bank has received fatwas (certificates of compliance of these products with Islamic requirements) from the Spiritual Administration of Muslims for several such products: “Amana” settlement account, “Adafa” debit card, Islamic settlement and cash services, “Murabaha” factoring, and “Murabaha” mortgage. Monitoring of Shari’ah compliance will take place as well: SAM specialists will shortly visit the office of the bank, specialising in partner financing.
According to Kamil Samigullin, not all legal acts meet the expectations. Despite that, the process has already been launched, which means necessary changes will be made later.
The Mufti noted that 98% of products circulating based on Islamic finance in the Russian Federation were developed in Tatarstan with 8 out of 11 Russian experts in Islamic finance, who are certified by AAOIFI (organisation developing Shari’ah standards), living in Tatarstan as well.
Registration for KazanForum is available through the link: https://reg.kazanforum.ru/ru/registration.
The Roscongress Foundation acts as the Operator for the preparation and holding of the Event.
