The Future of Partner Finance: Strategy to 2028 Outlined in Kazan
The Future of Partner Finance: Strategy to 2028 Outlined in Kazan
02 October
On 2 October 2026, the Tatarstan Investment Development Agency (TIDA) hosted an international round table on partner financing. The meeting brought together the senior leadership of public authorities, development institutions, major Russian and foreign banks, regulators, and leading industry experts.
The federal experiment on partner financing, which launched in autumn 2023 across four regions, has been officially extended by the Russian parliament until autumn 2028, with a significant expansion of the available financial instruments. Tatarstan has become the primary development hub for the project: by the end of 2025, it accounted for 84% of all nationwide transactions, while the volume of funds attracted within the republic increased sixfold, reaching 35 billion roubles. By mid-2026, 38 organisations had been registered in the Bank of Russia’s registry (16 of which are based in Tatarstan), offering over 35 products, and the cumulative issuance of partner financing cards had already exceeded 90,000 units.
It was precisely these impressive indicators and new legislative horizons that formed the basis of the roundtable discussion. The meeting was moderated by Taliya Minullina the Head of the Tatarstan Investment Development Agency (TIDA) and a member of the Republic's Government, who set a dynamic tone for the discussion and highlighted the high investment attractiveness of the partner financing segment. As the Head of TIDA noted, a key feature of the issuance, which was a record for the banking sector, was the unprecedented demand for partner financing instruments. Initially, the order book was formed at US$1.1 billion; however, the final volume exceeded US$2.65 billion, demonstrating an increase of more than two and a half times.
The discussion was supported by Konstantin Vyshkovsky, Deputy Chairman of VEB.RF, joining via video conference link from Moscow. Regarding the corporation's practical initiatives, he remarked: ‘The issuance of partner bonds was implemented in the Al-Mudarabah format, a trust management structure where VEB.RF acted as both issuer and trustee. This placement enabled us to secure financing for the construction of a manufacturing facility in the Republic of Tatarstan, marking the successful completion of Russia's first project-based Sukuk.’ For further translation services, you can reach out to the provider.
The central theme of the discussion was the market's transition to an institutional level and cross-border cooperation. Denis Shulakov, 1-st Vice-President of Gazprombank, joined the discussion via video conference to present a strategic report on the development of the Sukuk market in Russia as a systemic tool for partner financing. The speaker highlighted Kazan's role as a pioneer, where Russia's first Sukuk transaction was successfully completed, and welcomed the ongoing development of the concept to establish a Kazan centre of competence.
The matters of oversight and the role of regulation in developing the partner finance market in Tatarstan were covered in detail by Marat Sharifullin, Manager of the National Bank for the Republic of Tatarstan of the Volga-Vyatka Main Branch of the Central Bank of the Russian Federation.
The discussion continued remotely with Elena Kuritsyna, Senior Managing Director for Issuer Relations and Government Affairs, who presented insights into the stock exchange's role in the partner financing sector.
Bulat Anderzhanov, Director of the Strategic Development Department at the Association of Banks of Russia, focused on the development of unified national standards for partner financing. He noted that by March 2026, all legal matters had been formalised, and the personal composition and key approaches to the activities of the relevant working groups and committees had been agreed with the Ministry of Finance of Russia and the Bank of Russia. Between March and July 2026, experts succeeded in developing the first baseline standard. The speaker emphasised that the process of drafting and approving the document was the result of intricate and complex work.
During the practical session, the largest players in the banking sector presented their ecosystems and products. Marat Sadriev, Managing Director of the Partner Financing and Special Projects Centre at Sberbank PJSC, presented a report on Sber's large-scale ecosystem solutions, placing particular emphasis on the educational and value-based aspects of the market. The speaker stressed that without customers understanding the essence of the products, operations would not be effective, making it vital to popularise the very values of ethical finance. Marat Sadriev also reported that over the past three years, the RCIEF (Russian Centre for Islamic Economics and Finance) had trained more than 25,000 students through partner financing programmes, and a free introductory course on partner financing was recently launched for representatives of financial organisations.
Seyed Said Vakili, CEO of the Miras Financial Company from the Islamic Republic of Iran, shared international experience and specific financial results achieved within the framework of the Russian experiment. The speaker called on the organisations included in the official registry to engage in closer cooperation and launch joint projects. He noted that at this stage, market participants operate in isolation and compete with each other, which is a natural process. Nevertheless, the speaker pointed out the need to build amicable partnerships and combine efforts to create innovative cross-products.
Iskander Iskhakov, Head of the Partner Financing Centre at Ak Bars Bank PJSC, addressed the development prospects of the partner financing experiment. The speaker noted that a milestone in 2025 was the signing of a cooperation agreement, enabling the organisation to join AAOIFI. To date, the geographical footprint has expanded with the opening of the first full-fledged partner financing office in the Republic of Dagestan.
Kirill Ivanyugo, Head of Partner Finance within the Compliance Department at T-Bank JSC, emphasised the concept of a ‘partner financing window’, detailed a systemic approach to launching partner banking instruments, while Ilgam Sabanchin, Head of the Partner Financing Department at Energobank PJSC, discussed the bank's operational activities within the new legal framework.
Speakers from the commercial sector and consumer cooperation, represented by Bekkhan Kusiev, CEO of Flagman Group LLC, and Renat Edikhanov, Chairman of the Board of the AS SALAM Group of Companies, shared their practical experience of adapting business to partner finance standards. The participants paid particular attention to the ethical and charitable aspects of the industry.
Ilnur Akhmadullin, Chairman of the "Amal" Foundation for Helping Those in Need, addressed the transition from Mudarabah and Murabahah to Qard al-Hasan (interest-free mutual aid loans), demonstrating the practical experience of Tatarstan. The industry's key barriers were summarised by Ruslan Khaliullin, an expert from the Russian Centre of Partner Economics and Finance at the Russian Islamic Institute, who provided a detailed analysis of the challenges in developing partner finance within the Russian Federation.
The roundtable concluded with a lively Q&A session, during which participants established a pool of proposals for further legislative improvements leading up to 2028. In the current year of 2026, the professional community will focus its efforts on substantively enriching the product range, legally refining the established instruments, and integrating them into the real economy. The key priorities for joint work between the government and business will be the objective analysis of current market trends, the removal of regulatory barriers, and the definition of long-term growth horizons for the entire partner finance industry.
Following the conclusion of the sessions, the speakers addressed the press during the final media briefing. Representatives from leading federal, regional, and specialised mass media participated in the open dialogue. The speakers answered detailed questions from federal and regional media outlets regarding the future of partner finance in Russia.
Since 2021, the Tatarstan Investment Development Agency has been holding an annual workshop on partner finance. Over this period, the project has demonstrated steady growth: the participant base is expanding, interest in the topic is strengthening, and the understanding of mechanisms to access large-scale global capital is deepening. In parallel, the regulatory framework in the Russian Federation is actively changing, and a new institutional environment is taking shape, opening up broad opportunities for the development and implementation of these financial instruments.
The federal experiment on partner financing, which launched in autumn 2023 across four regions, has been officially extended by the Russian parliament until autumn 2028, with a significant expansion of the available financial instruments. Tatarstan has become the primary development hub for the project: by the end of 2025, it accounted for 84% of all nationwide transactions, while the volume of funds attracted within the republic increased sixfold, reaching 35 billion roubles. By mid-2026, 38 organisations had been registered in the Bank of Russia’s registry (16 of which are based in Tatarstan), offering over 35 products, and the cumulative issuance of partner financing cards had already exceeded 90,000 units.
It was precisely these impressive indicators and new legislative horizons that formed the basis of the roundtable discussion. The meeting was moderated by Taliya Minullina the Head of the Tatarstan Investment Development Agency (TIDA) and a member of the Republic's Government, who set a dynamic tone for the discussion and highlighted the high investment attractiveness of the partner financing segment. As the Head of TIDA noted, a key feature of the issuance, which was a record for the banking sector, was the unprecedented demand for partner financing instruments. Initially, the order book was formed at US$1.1 billion; however, the final volume exceeded US$2.65 billion, demonstrating an increase of more than two and a half times.
The discussion was supported by Konstantin Vyshkovsky, Deputy Chairman of VEB.RF, joining via video conference link from Moscow. Regarding the corporation's practical initiatives, he remarked: ‘The issuance of partner bonds was implemented in the Al-Mudarabah format, a trust management structure where VEB.RF acted as both issuer and trustee. This placement enabled us to secure financing for the construction of a manufacturing facility in the Republic of Tatarstan, marking the successful completion of Russia's first project-based Sukuk.’ For further translation services, you can reach out to the provider.
The central theme of the discussion was the market's transition to an institutional level and cross-border cooperation. Denis Shulakov, 1-st Vice-President of Gazprombank, joined the discussion via video conference to present a strategic report on the development of the Sukuk market in Russia as a systemic tool for partner financing. The speaker highlighted Kazan's role as a pioneer, where Russia's first Sukuk transaction was successfully completed, and welcomed the ongoing development of the concept to establish a Kazan centre of competence.
The matters of oversight and the role of regulation in developing the partner finance market in Tatarstan were covered in detail by Marat Sharifullin, Manager of the National Bank for the Republic of Tatarstan of the Volga-Vyatka Main Branch of the Central Bank of the Russian Federation.
The discussion continued remotely with Elena Kuritsyna, Senior Managing Director for Issuer Relations and Government Affairs, who presented insights into the stock exchange's role in the partner financing sector.
Bulat Anderzhanov, Director of the Strategic Development Department at the Association of Banks of Russia, focused on the development of unified national standards for partner financing. He noted that by March 2026, all legal matters had been formalised, and the personal composition and key approaches to the activities of the relevant working groups and committees had been agreed with the Ministry of Finance of Russia and the Bank of Russia. Between March and July 2026, experts succeeded in developing the first baseline standard. The speaker emphasised that the process of drafting and approving the document was the result of intricate and complex work.
During the practical session, the largest players in the banking sector presented their ecosystems and products. Marat Sadriev, Managing Director of the Partner Financing and Special Projects Centre at Sberbank PJSC, presented a report on Sber's large-scale ecosystem solutions, placing particular emphasis on the educational and value-based aspects of the market. The speaker stressed that without customers understanding the essence of the products, operations would not be effective, making it vital to popularise the very values of ethical finance. Marat Sadriev also reported that over the past three years, the RCIEF (Russian Centre for Islamic Economics and Finance) had trained more than 25,000 students through partner financing programmes, and a free introductory course on partner financing was recently launched for representatives of financial organisations.
Seyed Said Vakili, CEO of the Miras Financial Company from the Islamic Republic of Iran, shared international experience and specific financial results achieved within the framework of the Russian experiment. The speaker called on the organisations included in the official registry to engage in closer cooperation and launch joint projects. He noted that at this stage, market participants operate in isolation and compete with each other, which is a natural process. Nevertheless, the speaker pointed out the need to build amicable partnerships and combine efforts to create innovative cross-products.
Iskander Iskhakov, Head of the Partner Financing Centre at Ak Bars Bank PJSC, addressed the development prospects of the partner financing experiment. The speaker noted that a milestone in 2025 was the signing of a cooperation agreement, enabling the organisation to join AAOIFI. To date, the geographical footprint has expanded with the opening of the first full-fledged partner financing office in the Republic of Dagestan.
Kirill Ivanyugo, Head of Partner Finance within the Compliance Department at T-Bank JSC, emphasised the concept of a ‘partner financing window’, detailed a systemic approach to launching partner banking instruments, while Ilgam Sabanchin, Head of the Partner Financing Department at Energobank PJSC, discussed the bank's operational activities within the new legal framework.
Speakers from the commercial sector and consumer cooperation, represented by Bekkhan Kusiev, CEO of Flagman Group LLC, and Renat Edikhanov, Chairman of the Board of the AS SALAM Group of Companies, shared their practical experience of adapting business to partner finance standards. The participants paid particular attention to the ethical and charitable aspects of the industry.
Ilnur Akhmadullin, Chairman of the "Amal" Foundation for Helping Those in Need, addressed the transition from Mudarabah and Murabahah to Qard al-Hasan (interest-free mutual aid loans), demonstrating the practical experience of Tatarstan. The industry's key barriers were summarised by Ruslan Khaliullin, an expert from the Russian Centre of Partner Economics and Finance at the Russian Islamic Institute, who provided a detailed analysis of the challenges in developing partner finance within the Russian Federation.
The roundtable concluded with a lively Q&A session, during which participants established a pool of proposals for further legislative improvements leading up to 2028. In the current year of 2026, the professional community will focus its efforts on substantively enriching the product range, legally refining the established instruments, and integrating them into the real economy. The key priorities for joint work between the government and business will be the objective analysis of current market trends, the removal of regulatory barriers, and the definition of long-term growth horizons for the entire partner finance industry.
Following the conclusion of the sessions, the speakers addressed the press during the final media briefing. Representatives from leading federal, regional, and specialised mass media participated in the open dialogue. The speakers answered detailed questions from federal and regional media outlets regarding the future of partner finance in Russia.
Since 2021, the Tatarstan Investment Development Agency has been holding an annual workshop on partner finance. Over this period, the project has demonstrated steady growth: the participant base is expanding, interest in the topic is strengthening, and the understanding of mechanisms to access large-scale global capital is deepening. In parallel, the regulatory framework in the Russian Federation is actively changing, and a new institutional environment is taking shape, opening up broad opportunities for the development and implementation of these financial instruments.