Summing up the results of 9 months of Islamic finance development support pilot project in Russia

Abstract

The article analyzes the process of formation of Islamic finances in the Russian Federation, examines issues related to new financial products and instruments developed by Islamic financing companies in Russia. The author shares his impressions of the XV annual forum Kazan Forum 2024 held in the capital of the Republic of Tatarstan, Kazan, which is a key platform for discussing the development of the Islamic financial model in the Russian Federation. The article notes unconditional progress in this area, including the development of innovative Shariah complaint financial products. However, the results of 9 months of the support the development of Islamic finance experiment in four regions of Russia seem insufficient to the author. He names possible reasons that hinder the development process, and also offers decisions for solving emerging difficulties.