A Round-table Discussion on Islamic Finance was Held in Kazan
A Round-table Discussion on Islamic Finance was Held in Kazan
15 September
The Tatarstan Investment Development Agency held a workshop on Islamic (partnership) finance, bringing together experts, representatives of the banking sector and regulatory authorities. The event served as a platform for discussing the progress of the Islamic banking introduction in Russia and developing solutions for its further development.
The event was opened by Taliya Minullina, Head of the Tatarstan Investment Development Agency, who presented a report on the state of Islamic finance both globally and in Russia in 2025. According to Taliya Minullina, the list of participants of the Islamic finance experiment currently includes 33 organizations, 14 of which are from the Republic of Tatarstan. This information is presented on the website of the Bank of Russia.
“Four regions are still partaking in the experiment together with the central offices of credit and financial institutions in Moscow. However, we see new market participants emerging in other regions such as Krasnodar Krai, Astrakhan Region, Karachay-Cherkess Republic, and Republic of Ingushetia as well,” she said.
In addition, during a conversation with journalists, Taliya Minullina stated that there are plans to open an office of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in Kazan.
The main topics of this year’s round-table were Islamic banking products, an analysis of the dynamics of interest in these products over the past year, as well as the discussion of legislative changes affecting the development of this area. It is noted that the list of Islamic products and services provided has expanded significantly compared to last year.
More than 45 experts and representatives from business, banking, and academia participated in the discussions. It is noted that the workshop was attended not only by representatives of those participating in the Islamic banking experimental project but also by specialists from organizations just beginning to explore Islamic finance, demonstrating growing interest from businesses in this area. Representatives of the Spiritual Administration of Muslims of the Republic of Tatarstan, AK BARS BANK, SBER Bank, Ak Bars Capital Asset Management Company LLC, United Stocks Broker LLC, “Amal” Financial House, “Housing Traditions” Housing Savings Cooperative, “AS SALYAM” Production Association, “Zolotoy Sunduk” LLC, and other organizations were amonth the speakers of round-table discussion.
A separate section discussed examples of the implementation of Islamic financial products. For example, in 2025, the first Islamic office was opened in Moscow and the Republic of Dagestan, and new-format Islamic “windows” were launched in Kazan and Ufa. Among the new products, participants highlighted mudarabah sukuk, murabaha, payroll program based on Islamic standards, Islamic individual investment accounts (IIAs), a free educational course on counterpart funding, and others.
The discussion provided an opportunity to identify key achievements, problem areas, and outline the ways for further cooperation, opening up new horizons for investment and entrepreneurship for experiment participants at Russian and international sites.
Following the workshop, experts concluded that the development of Islamic finance contributes to the diversification of the Russian financial market and the strengthening of international ties, as well as creates conditions for broader participation of investors from Islamic countries.
Reference information:
A recording of the event broadcast is available in the official VKontakte group of the Tatarstan Investment Development Agency at the following link: https://vk.com/investtatarstan?from=groups&z=video-211407548_456239527%2Fvideos-211407548%2F...
The event was opened by Taliya Minullina, Head of the Tatarstan Investment Development Agency, who presented a report on the state of Islamic finance both globally and in Russia in 2025. According to Taliya Minullina, the list of participants of the Islamic finance experiment currently includes 33 organizations, 14 of which are from the Republic of Tatarstan. This information is presented on the website of the Bank of Russia.
“Four regions are still partaking in the experiment together with the central offices of credit and financial institutions in Moscow. However, we see new market participants emerging in other regions such as Krasnodar Krai, Astrakhan Region, Karachay-Cherkess Republic, and Republic of Ingushetia as well,” she said.
In addition, during a conversation with journalists, Taliya Minullina stated that there are plans to open an office of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in Kazan.
The main topics of this year’s round-table were Islamic banking products, an analysis of the dynamics of interest in these products over the past year, as well as the discussion of legislative changes affecting the development of this area. It is noted that the list of Islamic products and services provided has expanded significantly compared to last year.
More than 45 experts and representatives from business, banking, and academia participated in the discussions. It is noted that the workshop was attended not only by representatives of those participating in the Islamic banking experimental project but also by specialists from organizations just beginning to explore Islamic finance, demonstrating growing interest from businesses in this area. Representatives of the Spiritual Administration of Muslims of the Republic of Tatarstan, AK BARS BANK, SBER Bank, Ak Bars Capital Asset Management Company LLC, United Stocks Broker LLC, “Amal” Financial House, “Housing Traditions” Housing Savings Cooperative, “AS SALYAM” Production Association, “Zolotoy Sunduk” LLC, and other organizations were amonth the speakers of round-table discussion.
A separate section discussed examples of the implementation of Islamic financial products. For example, in 2025, the first Islamic office was opened in Moscow and the Republic of Dagestan, and new-format Islamic “windows” were launched in Kazan and Ufa. Among the new products, participants highlighted mudarabah sukuk, murabaha, payroll program based on Islamic standards, Islamic individual investment accounts (IIAs), a free educational course on counterpart funding, and others.
The discussion provided an opportunity to identify key achievements, problem areas, and outline the ways for further cooperation, opening up new horizons for investment and entrepreneurship for experiment participants at Russian and international sites.
Following the workshop, experts concluded that the development of Islamic finance contributes to the diversification of the Russian financial market and the strengthening of international ties, as well as creates conditions for broader participation of investors from Islamic countries.
Reference information:
A recording of the event broadcast is available in the official VKontakte group of the Tatarstan Investment Development Agency at the following link: https://vk.com/investtatarstan?from=groups&z=video-211407548_456239527%2Fvideos-211407548%2F...
