Russia Launches New Sukuk DFA Partnership Financing Instrument
Russia Launches New Sukuk DFA Partnership Financing Instrument
14 May
In recent years, a serious interest in partnership financing has developed in Russia. This is not just a separate financial instrument, but part of a broader economic model based on the fair distribution of risks, transparency and responsibility of all participants. The development of this sector could become an additional driver for entrepreneurship, investment activity and the attraction of new categories of clients into the official financial system. This was reported by Oleg Ganeev, Senior Vice President and Head of the Partnership Financing and Special Projects Centre at Sberbank, at the 17th International Economic Forum “Russia – Islamic World: KazanForum”, which includes the Sber Russian Islamic Economic Forum.
“Islamic economics today is not only about finance. It is an ecosystem at the centre of which is the individual, trust and the social responsibility of business. This approach is particularly in demand amid the global transformation of the world economy, where stability and mutual respect are becoming key conditions for long-term development. We see the greatest demand primarily for passive products, such as Islamic cash management services, cards and accounts. The liability portfolio stands at 5.6 billion roubles, and the total number of contracts exceeds 180,000. At the same time, the share of new clients is 49% – that is nearly 86,000 people – and the share of new legal entities attracted to our Islamic cash management services is 46%. Tatarstan is our leader in sales for this product. Through these products, we address the basic needs of our clients: opening an account, storing money, making payments – in this way, we provide entry into the field of partnership financing,” he stated.
Among more complex products, Oleg Ganeev highlighted Ijara leasing, project financing and developer financing, Qard al-Hasan working capital financing, Murabaha, bank guarantees, BNPL and sukuk instruments. Most of the transaction volume Sber is working on consists of large projects in construction and infrastructure, across various regions, not only pilot ones.
“For the Forum, we launched a new product – Sukuk DFA on the Sber platform. The first transactions are already being processed, and several more are in the pipeline – involving clients from Bashkortostan, Tatarstan and Dagestan. Regarding sukuk legislation – large projects require long-term funding: infrastructure, construction, industry, data centres, regional projects. Sukuk could become such an instrument. But here we also need to define the main rules: what constitutes the underlying asset, how investors are protected, how information is disclosed, how the instrument is traded on the market,” said Oleg Ganeev.
Among the key factors limiting the scaling of partnership financing, he highlighted standardisation and harmonisation of approaches on a par with traditional financing, particularly tax and accounting regulations, and the extension of state support measures. He emphasised that classic banking products for individuals receive state support, and businesses are also provided with preferential lending programmes.
“As yet, partnership financing is not taken into account in this mechanism, which reduces the competitiveness of these instruments and leads to disparity. If a similar transaction in classic banking receives a subsidy, but a partnership financing transaction does not, then the product may end up being more expensive for the client. In such a situation, the bank effectively faces a choice: either make the product more expensive for the client, or deliberately reduce its own profitability. Here we encounter certain limitations for conducting business effectively,” said Oleg Ganeev.
*****
The International Economic Forum “Russia – Islamic World: KazanForum” is being held in Kazan from 12 to 17 May 2026. In accordance with a decree of the President of the Russian Federation, Vladimir Putin, the Forum acquired federal status in 2023, becoming the main platform for interaction between Russia and the Islamic world.
Representatives from 103 countries have registered for KazanForum 2026.
The Forum’s 2026 business programme includes 149 events across 21 tracks. Several international exhibitions will be held as part of the Forum: The International Exhibition of Co-operation between Russia and the Islamic World, the “Innovations. Investment. Infrastructure” Exhibition, the International Real Estate Exhibition and Conference, and the Kazan Halal Market Trade Fair. The agenda also includes: the Forum of Chambers of Commerce and Industry of OIC Countries, the Forum of Young Diplomats, the Forum of Young Entrepreneurs, meetings of intergovernmental commissions and bilateral conferences, festivals, gastronomic and sports projects, including the “Business on Horseback” horse race and the International Jockeys’ Championship.
In 2026, Kazan holds the status of Cultural Capital of the Islamic World. Cultural co‑operation will be one of the key themes of the humanitarian agenda – during the Forum, the Congress of Ministers of Culture of OIC Countries and the 15th Session of the ICESCO General Conference will be held. The programme will conclude with the “Izge Bolgar Zhyeni” gathering in Bolgar, dedicated to the Day of the Official Adoption of Islam by Volga Bulgaria.
The full programme of the Event is available on the Forum’s official website.
The Roscongress Foundation acts as the Operator for the preparation and holding of the Event, whereas ANO “Directorate for Sports and Social Projects” serves as the Operator’s Executive Directorate.
“Islamic economics today is not only about finance. It is an ecosystem at the centre of which is the individual, trust and the social responsibility of business. This approach is particularly in demand amid the global transformation of the world economy, where stability and mutual respect are becoming key conditions for long-term development. We see the greatest demand primarily for passive products, such as Islamic cash management services, cards and accounts. The liability portfolio stands at 5.6 billion roubles, and the total number of contracts exceeds 180,000. At the same time, the share of new clients is 49% – that is nearly 86,000 people – and the share of new legal entities attracted to our Islamic cash management services is 46%. Tatarstan is our leader in sales for this product. Through these products, we address the basic needs of our clients: opening an account, storing money, making payments – in this way, we provide entry into the field of partnership financing,” he stated.
Among more complex products, Oleg Ganeev highlighted Ijara leasing, project financing and developer financing, Qard al-Hasan working capital financing, Murabaha, bank guarantees, BNPL and sukuk instruments. Most of the transaction volume Sber is working on consists of large projects in construction and infrastructure, across various regions, not only pilot ones.
“For the Forum, we launched a new product – Sukuk DFA on the Sber platform. The first transactions are already being processed, and several more are in the pipeline – involving clients from Bashkortostan, Tatarstan and Dagestan. Regarding sukuk legislation – large projects require long-term funding: infrastructure, construction, industry, data centres, regional projects. Sukuk could become such an instrument. But here we also need to define the main rules: what constitutes the underlying asset, how investors are protected, how information is disclosed, how the instrument is traded on the market,” said Oleg Ganeev.
Among the key factors limiting the scaling of partnership financing, he highlighted standardisation and harmonisation of approaches on a par with traditional financing, particularly tax and accounting regulations, and the extension of state support measures. He emphasised that classic banking products for individuals receive state support, and businesses are also provided with preferential lending programmes.
“As yet, partnership financing is not taken into account in this mechanism, which reduces the competitiveness of these instruments and leads to disparity. If a similar transaction in classic banking receives a subsidy, but a partnership financing transaction does not, then the product may end up being more expensive for the client. In such a situation, the bank effectively faces a choice: either make the product more expensive for the client, or deliberately reduce its own profitability. Here we encounter certain limitations for conducting business effectively,” said Oleg Ganeev.
*****
The International Economic Forum “Russia – Islamic World: KazanForum” is being held in Kazan from 12 to 17 May 2026. In accordance with a decree of the President of the Russian Federation, Vladimir Putin, the Forum acquired federal status in 2023, becoming the main platform for interaction between Russia and the Islamic world.
Representatives from 103 countries have registered for KazanForum 2026.
The Forum’s 2026 business programme includes 149 events across 21 tracks. Several international exhibitions will be held as part of the Forum: The International Exhibition of Co-operation between Russia and the Islamic World, the “Innovations. Investment. Infrastructure” Exhibition, the International Real Estate Exhibition and Conference, and the Kazan Halal Market Trade Fair. The agenda also includes: the Forum of Chambers of Commerce and Industry of OIC Countries, the Forum of Young Diplomats, the Forum of Young Entrepreneurs, meetings of intergovernmental commissions and bilateral conferences, festivals, gastronomic and sports projects, including the “Business on Horseback” horse race and the International Jockeys’ Championship.
In 2026, Kazan holds the status of Cultural Capital of the Islamic World. Cultural co‑operation will be one of the key themes of the humanitarian agenda – during the Forum, the Congress of Ministers of Culture of OIC Countries and the 15th Session of the ICESCO General Conference will be held. The programme will conclude with the “Izge Bolgar Zhyeni” gathering in Bolgar, dedicated to the Day of the Official Adoption of Islam by Volga Bulgaria.
The full programme of the Event is available on the Forum’s official website.
The Roscongress Foundation acts as the Operator for the preparation and holding of the Event, whereas ANO “Directorate for Sports and Social Projects” serves as the Operator’s Executive Directorate.
