An annual roundtable dedicated to the development of Islamic finance and partnership finance in Russia took place today at the Investment Development Agency of the Republic of Tatarstan. The event brought together financial market experts, government officials, business representatives, and members of the Islamic clergy.
Participants discussed the results of the experiment to implement partnership finance in pilot regions, the development of new financial products, and upcoming regulatory changes in the sector. Special attention was paid to the practical application of partnership finance instruments, existing constraints, and proposals for legislative improvements.
For Tatarstan, the development of this sector builds upon the republic’s more than 15 years of experience in the Islamic economy. Today, the region remains a key participant in the Russian experiment. By the end of 2025, Tatarstan accounted for 84% of the fund placement transactions conducted under the initiative.
Current market figures were also presented during the roundtable. In the first half of 2026, Russian companies raised 14.7 billion rubles—double the amount raised during the same period the previous year. Tatarstan accounted for 70% or more of key transactions and activity in the partnership finance sector, depending on the market segment.
Participants identified the market’s entry onto the Moscow Exchange and the debut issuance of Islamic bonds (sukuk) by the state corporation VEB.RF—valued at 3.5 billion rubles—as factors driving the industry’s growth.
The number of organizations participating in the partnership finance experiment in Russia has reached 38, with 17 of them based in the Republic of Tatarstan. Since the launch of the partnership finance pilot project in Tatarstan, approximately 40 financial products have been developed and implemented, and over 123,000 debit cards have been issued. Midkhat Shagiakhmetov, Deputy Prime Minister and Minister of Economy of the Republic, announced this at a roundtable held at the Tatarstan Investment Development Agency. He noted that the region offers the key partnership finance products that are in high demand.
Taliya Minullina, Head of the Tatarstan Investment Development Agency, reported that in July 2026, a committee of the Association of Russian Banks approved the first industry standard for partnership finance.
The document regulates goods purchase and sale transactions for individuals and legal entities involving installment plans or deferred payments subject to a fee. The standard is based on AAOIFI requirements and establishes uniform rules for structuring commodity installment plans—one of the most sought-after types of transactions in this sector.
According to Minullina, work on other standards is proceeding in parallel. A document regarding partnership investment instruments is currently under development. Plans are also in place to develop standards for equity financing and leasing by the end of 2026.
Vakili Seyed Saeed, CEO of Miras FC LLC, participated in a roundtable discussion and presented the company’s results for the nine-month period.
During his presentation, he noted that developing Islamic finance requires drawing on the experience of foreign countries, where the sector receives active support and its opportunities are highlighted in the media.
According to the company’s head, government support measures—such as subsidies and incentives—play a crucial role, yet these are currently available only to credit institutions. He emphasized that, under current conditions, a conventional loan proves more advantageous for the client than Islamic financial products.