The round table was organized by the Bank of Russia together with the Ministry of Finance of Russia and the Government of the Chechen Republic. The event was attended by the leadership of the Chechen Republic, representatives of the Bank of Russia, the Ministry of Finance of Russia, the clergy, science, the business community, as well as representatives from Dagestan, Tatarstan and Bashkortostan.
Opening the round table, the Chairman of the Government of the Chechen Republic, Muslim Khuchiev, welcomed all participants and noted that the initiator of the adoption of the law on partnership financing was the Head of the Chechen Republic, Ramzan Akhmatovich Kadyrov. His appeal to the President of the country on the development of Islamic banking was supported by the Head of State and the republic was included in the list of pilot regions.
In the Chechen Republic, even before the adoption of the Federal Law, taking into account the current legislative restrictions, the partnership finance industry was represented by two legal entities: the representative office of the Sheikh Zayed Foundation to support entrepreneurs and innovations and Installment-2013 LLC.
In his opening speech, he also emphasized that the development of partnership financing in Russia is an important prerequisite for expanding the geography of trade and investment cooperation in the country. And he emphasized that joint efforts in the field of partnership financing will give impetus to the development of the halal industry economy and attracting foreign investment, which is especially important in the context of increasing sanctions pressure.
Partnership financing is an important factor stimulating economic growth and the development of financial markets at the regional level. In a changing economic environment, it provides unique opportunities for mobilizing resources, expanding investment horizons and creating long-term partnerships between market participants.
Let us remind you that since September 2023, an experiment on partnership financing has been taking place in Russia. It is held on the territory of 4 regions: Bashkiria, Dagestan, Tatarstan, and the Chechen Republic. The experiment will last until September 1, 2025. It is intended to create conditions for the development of a new financing model and identify the most popular forms, assess demand, possible risks and make relevant proposals for further legal regulation.
Partnership financing is common in a number of countries around the world. In Russia, it does not have a religious connotation; there are no restrictions for participants in the experiment based on religious, social, or linguistic affiliation. At the same time, it complies with the principles of Islamic banking – a method of conducting banking activities in which, in particular, the receipt of interest income and investments in a number of areas are prohibited: the production of alcohol, tobacco, gambling, etc.
State Secretary – Deputy Chairman of the Bank of Russia Alexey Guznov noted that the federal authorities also pay great attention to the topic of partnership finance. It has taken an important place in the program for improving financial literacy – it is necessary for Russian citizens to know what partnership finance is, to understand its essence and the difference from ordinary finance.
The Bank of Russia is making efforts to ensure that the experiment takes place in the most favorable conditions, closely monitors the progress of the experiment, and constantly consults with business and with representatives of the republics participating in the experiment.
“It is important for us to hear the opinion of business and entrepreneurial circles about what issues and problems arise in terms of the development of partnership financing. It is important to hear proposals for further improvement of regulation,” said Alexey Guznov.
Deputy Chairman of the Government of the Chechen Republic – Minister of Finance of the Chechen Republic Sultan Tagaev spoke about the organizational aspects of the implementation of the experiment in the Chechen Republic.
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Tags: progress experiment development partnership financing discussed Grozny
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