A new market may open up for the Islamic world. The first debit card and bank branch under Shariah rules appeared in Russia. So far as an experiment. But in the near future, the large-scale introduction and development of Islamic finance mechanisms in Russia is possible.
This topic will be one of the main at the XIV International Economic Forum Russia – Islamic World: Kazan Forum 2023. The forum will be held on May 18-19, in the Russian city of Kazan with the participation of representatives from 77 countries.
Experts note the growing interest in Islamic finance and responsible investing in Russia, where more than 20 million Muslims live. Kazan Forum provides strategic support to the largest Russian and foreign corporations in the development of Islamic finance mechanisms. Thus, based on the results of expert discussions at Kazan Forum 2022, in Russia, it was decided to launch a pilot and legal regulation of the mechanism of partnership finance in certain regions.
The relevant bill was submitted to the Parliament of the country, which was supported by the Ministry of Finance and the Central Bank of Russia. As a result, Ak Bars Bank for the first time in Russia has presented an Islamic debit card based on the “Mir” payment system. Russia’s leading bank Sber has opened an office of partner Islamic finance in Kazan, the capital of the Republic of Tatarstan, with the possibility of obtaining an Islamic mortgage. This is the first bank branch in Russia, designed according to all Shariah rules.
Based on Russian and foreign experience, the participants of KazanForum 2023 (including representatives of Parliament, the government, and the Central Bank of Russia) will discuss the prospects of expanding the pilot project to other regions of the country with a full-scale legal regulation of this type of business. Representatives of government agencies and the expert community of the Organization of Islamic Cooperation will speak at the sessions. They will consider adapting the experience of Islamic countries in developing the market of Islamic finance.
A series of events on the track «Islamic finance» will be attended by representatives of Islamic business and banking, interested in the development of partnership projects in Russia. For entrepreneurs, KazanForum 2023 will be a good opportunity to find trading, financial and technological partners, enter into new markets and attract investments.
Experts will also discuss financial technologies, trends and features of Islamic finance, the development of the digital financial assets market; the organization of courses in Islamic finance. Their educational programs will be presented by the Russian bank «Sber» together with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which defines the standards of Islamic finance operations for Muslim financial institutions around the world.
Also, within the track “Islamic finance” at KazanForum 2023 there will be business interactive games, developed by experts in economics and specialists from the Russian Islamic Institute. Participants will be able to obtain and demonstrate practical experience in business, investment, and financial literacy in accordance with Islamic values. Winners and runners-up at the end of the tournament will receive gifts.
