New entity for Islamic banking to be set up in Tatarstan

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Manama

A new autonomous entity for partner banking based on the canons of Sharia has been created in Kazan, the capital city of the Russian Republic of Tatarstan, the head of the Agency of Investment Development of Tatarstan, Taliya Minullina, told TASS news agency.
Previously, the Centre of Partnership Banking, a pilot project in the framework of the roadmap of the Bank of Russia for the development of Islamic finance, was established on the basis of local Tatagroprombank. However, in April, it had its license revoked. Federal banks are expected to become new partners, but Minullina did not specify which ones.
“I can tell that it will be a new autonomous entity, which is not connected with the previous center. We will consider a partnership with some federal banks within this project”, Minullina said.—TASS