The sixth Russia Islamic Economic Forum, staged by Sber, stood on the eve of opening. The agenda would highlight key topics for the year, such as updates to the 417-FZ framework, strategies to attract capital from Islamic nations into the Russian market, and the development of a halal product ecosystem. Sber, known for its leadership in partnership financing, would share progress and outcomes from this financing segment.
The forum has grown into a staple on the national business calendar, moving from Chechnya and Tatarstan to Bashkortostan, Dagestan, and now Moscow. It attracts a wide audience quickly, with registrations filling within hours. More than 400 participants come from business, media, banking, religious leadership, and government circles. Attendees would hear updates on the evolution of the 417-FZ project, plans to attract investment from Islamic markets, and the halal-products ecosystem, alongside Sber’s performance in partnership financing.
Government focus on partnership financing remains strong. A pilot program launched by the Bank of Russia last autumn included an active role for Sber. The discussion would review the major regulatory choices adopted under the 417-FZ framework during that period.
Laws enacted during this window built on a model the bank has pursued since 2016. They unlocked new financing instruments and types of transactions, while formally laying the groundwork for a distinct industry to take shape.
Still, challenges persist that require practical responses. Ongoing discussions with the Bank of Russia and state authorities address regulatory moves, with attention to tax policy. At the same time, there is a clear drive to strengthen market conditions, foster competition, invite new entrants, and speed up activity.
Insights into the audience for affiliate finance show a concentration of potential clients in the North Caucasus, Tatarstan, Bashkortostan, and large urban centers. A regional survey revealed differing consumer habits: in Tatarstan, many people save for short-term needs; in Moscow, saving for the longer term is more common.
Banking usage varies by region. In Tatarstan, residents rely heavily on banking services, whereas in the Caucasus, some people avoid traditional banking for ethical reasons in line with Sharia principles.
Based on these findings, efforts to raise financial literacy are underway. The bank’s approach centers on social responsibility, forming partnerships with customers, and sharing risk in a fair manner. This approach targets existing needs and challenges, paving the way for practical solutions that place customers at the center of financial services.
Product demand shows 16 integrated partner financing offerings in the portfolio, with different regions favoring different solutions. Salary-based financing attracts many applications in Chechnya and Bashkortostan, while the Aman current account finds appeal in Tatarstan and Moscow. There is growing interest in financing products that meet Islamic finance standards within Russian law.
Compliance in partnership financing follows Sharia standards and independent accounting arrangements. The bank works closely with the Spiritual Administration of Muslims of the Russian Federation and local clerics, sharing documents for compliance reviews. A fatwa from the Sharia advisory committee accompanies each product and each office. Asset and liability separation is adjusted under the committee’s oversight, with accounting set up for every product and location. Ongoing talks with the Central Bank of Russia and the Ministry of Finance cover the prospect of separate accounting and unified standardization, a key step in forming a new industry within the country.