Debut Issuance of Sukuk Announced at KazanForum
Debut Issuance of Sukuk Announced at KazanForum
14 May
VEB.RF and Alabuga Development LLC, building upon the agreements formalised in the Agreement of 16 May 2025 on Interaction and Cooperation in the Development of Participatory Finance between the Government of the Republic of Tatarstan and VEB.RF, have signed a loan agreement based on participatory finance terms for an amount exceeding 3.5 billion roubles, with a maturity period of two years. The transaction is structured as a restricted mudaraba. Its outcome will be the construction of an industrial park production complex in Tatarstan. The funds to finance the project are expected to be raised by the end of the second quarter of 2026 through the placement of VEB.RF’s debut issue of participatory bonds (sukuk). The placement arrangers are Gazprombank (acting as coordinating bank) and Sberbank. This was announced by Konstantin Vyshkovsky, Deputy Chairman of VEB.RF, at the 17th International Economic Forum “Russia – Islamic World: KazanForum”.
“For VEB.RF, this transaction is not merely a debut issue of bonds in the sukuk format, but an important milestone in the development of mechanisms for structuring and financing investment projects. As a development institution, we are interested in expanding the range of debt instruments that make it possible to attract new categories of investors who are ready to participate with us in the implementation of projects in Russia, sharing both the risks and the economic outcomes. We anticipate that, in the future, instruments of this kind will help attract investors from friendly jurisdictions who are interested in taking part in high-quality Russian projects structured in accordance with the principles of participatory finance,” Konstantin Vyshkovsky commented.
The work to find an optimal model for adapting sukuk to the Russian legal framework has been underway for a year, said Roman Amirkhanov, Deputy Minister of Economy of the Republic of Tatarstan – Head of the Department for Socio-Economic Monitoring. Participants in this work included VEB.RF, Gazprombank, and experts in the field of participatory finance.
“Today we are seeing a concrete result of this collaborative effort – the first pilot issue of sukuk, implemented within the Russian market. This is not merely about testing a single participatory finance instrument, but rather about creating a model for the development of a new segment of the capital market in our country based on the principles of participatory finance, and attracting long-term investment capital. The pilot project is of strategic importance. Its key value lies in the opportunity to test a full-fledged infrastructure for the issuance and structuring of sukuk within the Russian legal framework. This instrument has been chosen as the foundation for international investment partnerships, the implementation of major investment projects involving development institutions, systemically important banks, regions, and, in the future, investors from the Islamic world. It is important that this also creates the conditions for the emergence in Russia of a fully fledged market for regular sukuk issuances,” Roman Amirkhanov stated.
The first issuance is structured as sukuk al-mudaraba, clarified Renat Edikhanov, Chairman of the Management Board of the AS Salyam Group, Adviser to the Deputy Prime Minister – Minister of Economy of the Republic of Tatarstan, and member of the Expert Council on Participatory Finance under the Government of the Russian Federation. It complies both with the current legislation of the Russian Federation and with Sharia standards.
“The transaction is built on the principles of fiduciary management, where the investor participates in the project's risks and, consequently, in its profits. In our case, the project itself is the construction of production facilities on the territory of the Severnye Vorota (Northern Gates) industrial park under a works contract,” explained Renat Edikhanov.
The sukuk issue will be placed in the form of exchange-traded bonds on the Moscow Exchange, said Alexey Rudenko, Executive Vice-President – Head of the Debt Market Instruments Department at GPB Bank. They will be available to all categories of investors, including retail investors.
“Through joint efforts, we have created an instrument that, in our view, will be accessible and understandable to a wide audience, above all to retail investors, whom we see as our target group. The world of participatory finance is very large, and we all have much to explore. But for now, we need to ensure that this sukuk issue becomes the first, not the last,” he said.
Denis Shulakov, First Vice-President of GPB Bank, estimated the potential of the sukuk market in Russia at between approximately 700 billion and 2–3 trillion roubles.
“Our market has shown a propensity for innovation and the ability to adapt very quickly and find new growth points. We believe in the sukuk market, we believe that we can create it, and we will create it ourselves,” he said.
Sukuk will be in demand, according to Anton Fomin, Vice-President – Managing Director of the GPB Bank branch in Kazan. He expressed hope that this instrument would become the foundation for creating a centre for participatory finance in the capital of Tatarstan.
“We are confident that there will be interest not only from corporate investors but also from private ones, given the significant potential of investment opportunities in Tatarstan,” Anton Fomin stated.
*****
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. вставить ссылку (https://kazanforum.ru/en/)
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.
“For VEB.RF, this transaction is not merely a debut issue of bonds in the sukuk format, but an important milestone in the development of mechanisms for structuring and financing investment projects. As a development institution, we are interested in expanding the range of debt instruments that make it possible to attract new categories of investors who are ready to participate with us in the implementation of projects in Russia, sharing both the risks and the economic outcomes. We anticipate that, in the future, instruments of this kind will help attract investors from friendly jurisdictions who are interested in taking part in high-quality Russian projects structured in accordance with the principles of participatory finance,” Konstantin Vyshkovsky commented.
The work to find an optimal model for adapting sukuk to the Russian legal framework has been underway for a year, said Roman Amirkhanov, Deputy Minister of Economy of the Republic of Tatarstan – Head of the Department for Socio-Economic Monitoring. Participants in this work included VEB.RF, Gazprombank, and experts in the field of participatory finance.
“Today we are seeing a concrete result of this collaborative effort – the first pilot issue of sukuk, implemented within the Russian market. This is not merely about testing a single participatory finance instrument, but rather about creating a model for the development of a new segment of the capital market in our country based on the principles of participatory finance, and attracting long-term investment capital. The pilot project is of strategic importance. Its key value lies in the opportunity to test a full-fledged infrastructure for the issuance and structuring of sukuk within the Russian legal framework. This instrument has been chosen as the foundation for international investment partnerships, the implementation of major investment projects involving development institutions, systemically important banks, regions, and, in the future, investors from the Islamic world. It is important that this also creates the conditions for the emergence in Russia of a fully fledged market for regular sukuk issuances,” Roman Amirkhanov stated.
The first issuance is structured as sukuk al-mudaraba, clarified Renat Edikhanov, Chairman of the Management Board of the AS Salyam Group, Adviser to the Deputy Prime Minister – Minister of Economy of the Republic of Tatarstan, and member of the Expert Council on Participatory Finance under the Government of the Russian Federation. It complies both with the current legislation of the Russian Federation and with Sharia standards.
“The transaction is built on the principles of fiduciary management, where the investor participates in the project's risks and, consequently, in its profits. In our case, the project itself is the construction of production facilities on the territory of the Severnye Vorota (Northern Gates) industrial park under a works contract,” explained Renat Edikhanov.
The sukuk issue will be placed in the form of exchange-traded bonds on the Moscow Exchange, said Alexey Rudenko, Executive Vice-President – Head of the Debt Market Instruments Department at GPB Bank. They will be available to all categories of investors, including retail investors.
“Through joint efforts, we have created an instrument that, in our view, will be accessible and understandable to a wide audience, above all to retail investors, whom we see as our target group. The world of participatory finance is very large, and we all have much to explore. But for now, we need to ensure that this sukuk issue becomes the first, not the last,” he said.
Denis Shulakov, First Vice-President of GPB Bank, estimated the potential of the sukuk market in Russia at between approximately 700 billion and 2–3 trillion roubles.
“Our market has shown a propensity for innovation and the ability to adapt very quickly and find new growth points. We believe in the sukuk market, we believe that we can create it, and we will create it ourselves,” he said.
Sukuk will be in demand, according to Anton Fomin, Vice-President – Managing Director of the GPB Bank branch in Kazan. He expressed hope that this instrument would become the foundation for creating a centre for participatory finance in the capital of Tatarstan.
“We are confident that there will be interest not only from corporate investors but also from private ones, given the significant potential of investment opportunities in Tatarstan,” Anton Fomin stated.
*****
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. вставить ссылку (https://kazanforum.ru/en/)
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.
