AK BARS Bank participated in the meeting of the Working Group on partner banking, held in Kazan on 24 March, 2016. Further implementation of Islamic finance instruments in the activities of Russian financial market participants became the main topic for discussion within a regular session.
The Working Group on partner banking was established in the fall 2015 under the Central Bank of the Russian Federation. Options consideration for alternative finance market instruments in Tatarstan was carried out for a several months by close interaction between the participants represented by Russian financial institutions and the state apparatus. The experience and expertise in raising the Islamic finance was covered by AK BARS Bank within its two Murabaha projects. In course of three years, AK BARS Bank successfully executed two Sharia compliant projects in total amount of USD 160 mln. invested in the economy of the Republic of Tatarstan.
A Road map for the development of the partner banking and related financial services in the Russian Federation for 2016 — 2017 serves as a guide for the Working Group activity.
The scheduled meeting of the working group took place on 24 March, 2016 corresponding the day of the opening of the pilot Center for partner banking in the Republic of Tatarstan. The main business areas of the Center are cash management services to individuals and legal entities, small business financing and individuals funding in compliance with partner financing principles.
The invited participants of the meeting were represented by the highest state authorities, financial institutions, Russian and Tatarstan organizations.