Russia Will Develop Standards for Partnership Financing
Russia Will Develop Standards for Partnership Financing
12 March
Maksim Topilin, Chairman of the Russian State Duma Committee on Economic Policy and State Duma deputy from the Republic of Tatarstan, reported that Russia will develop standards for partnership (Islamic) financing.
“A mechanism for the development and approval of standards regarding partnership financing is going to be put into place. This work will be carried out by the Committee on Standards, as created by the association of credit organisations with the involvement of market participants,” the parliamentarian explained.
As of 1 September 2023, an experiment on Islamic banking has been taking course in four Russian regions: Tatarstan, Bashkortostan, Chechnya, and Dagestan. The Central Bank summed up the first results of the experiment at the end of 2024. The portfolio of money placement transactions totalled RUB 2.8 billion in the first nine months of last year. Tatarstan became the leader in the volume of the transactions.
Earlier, Tatarstan’s deputy also reported that the amendments to the law on Islamic banking, submitted by the State Duma in mid-January this year, may be adopted during the spring session of the State Duma.
The AAOIFI International Conference on Partnership Finance and Investment will be held within the framework of the KazanForum 2025 for the first time; the participants and experts will discuss the key role Islamic finance could play in the economic development of Russia.
Source: media outlet “Tatar-Inform”
“A mechanism for the development and approval of standards regarding partnership financing is going to be put into place. This work will be carried out by the Committee on Standards, as created by the association of credit organisations with the involvement of market participants,” the parliamentarian explained.
As of 1 September 2023, an experiment on Islamic banking has been taking course in four Russian regions: Tatarstan, Bashkortostan, Chechnya, and Dagestan. The Central Bank summed up the first results of the experiment at the end of 2024. The portfolio of money placement transactions totalled RUB 2.8 billion in the first nine months of last year. Tatarstan became the leader in the volume of the transactions.
Earlier, Tatarstan’s deputy also reported that the amendments to the law on Islamic banking, submitted by the State Duma in mid-January this year, may be adopted during the spring session of the State Duma.
The AAOIFI International Conference on Partnership Finance and Investment will be held within the framework of the KazanForum 2025 for the first time; the participants and experts will discuss the key role Islamic finance could play in the economic development of Russia.
Source: media outlet “Tatar-Inform”
