Tatarstan and Malaysia have developed a feasibility study for the development of Islamic banking


Russian-Malaysian consortium completed a feasibility study (FS) on creation in Tatarstan as a pilot region of the Russian Federation, the Islamic Bank or Islamic banking divisions on the basis of operating credit institutions, reported the press service of the President of the Republic.

KAZAN, 7 Dec. Irina Durnitsyna. Russian-Malaysian consortium completed a feasibility study (FS) on creation in Tatarstan as a pilot region of the Russian Federation, the Islamic Bank or Islamic banking divisions on the basis of operating credit institutions, reported the press service of the President of the Republic.

In February of the current year the delegation of Malaysian experts visited Russia to study the legal and economic environment for the development of the feasibility study and launch Islamic banking products. For situation analysis and preparation of the feasibility study was the consortium, which included the division of the Central Bank of Malaysia in development of Islamic Finance IBFIM, a leading University of Malaysia Unirazak and the development Fund of Islamic business and Finance (Tatarstan).

“The Prime Minister of Tatarstan Ildar Khalikov met with representatives of the Russian-Malaysian consortium headed by the President of the University Unirazak MD. Zabid Haji Abdul Rashid. Was presented a feasibility study on the establishment of Islamic Bank or Bank of units on the basis of operating credit institutions in Russia”, — stated in the message.

Work on the feasibility study, the Russian-Malaysian consortium led within nine months. The document includes basic principles of functioning of Islamic Economics, the model of implementation of Islamic banking and Islamic insurance in different countries, the research interest of the region’s population in Islamic banking products, as well as the use of the mechanisms of the Islamic Finance industry within the framework of existing legislation.

According to the results of the research the developers of the feasibility study noted that Tatarstan is an ideal platform to establish an “Islamic window”.

The Prime Minister reminded that the Republic is considered as a pilot platform for the launch of the Islamic Finance industry in Russia. In Kazan held annually, the conference Kazan Sukuk Conference and the international economic summit of Russia and OIC countries KazanSummit, which discusses the implementation and use of Islamic financial instruments. In addition, Tatarstan and Sberbank of Russia signed an agreement on cooperation in the field of Islamic Finance.

Prepared a feasibility study, according to Khalikov, will form the basis for the development of Islamic banking in the territory of Tatarstan.

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