The city of Grozny (Chechnya), October 14-15, held the Third Annual Russian Islamic Economic Forum “Russia – the guarantor of the partnership.” The event is organized with the support of Sberbank and is designed to facilitate the development of business cooperation between Russia and the countries of the Islamic world. Co-organizers of the forum also made by the International Islamic Business Association and KPMG.
The business program of the event was attended by Muslim Khuchiyev – Prime Minister of the Chechen Republic; Magomed Selimkhanov – Deputy Prime Minister – Minister of Economic Territorial Development and Trade of the Chechen Republic; Oleg Ganeev – Senior Vice President of the Savings Bank; Marat Kabaev president of the International Association of Islamic Business (MAIB).
The forum held panel discussions “The new vector (trend) of the Islamic ecosystem” (the ESG, Green Sukuk, Digital Awakening) and “Alternative solutions for the regulation of Islamic finance in the Russian Federation”.
“Savings is a pioneer in banking partnership among the largest Russian banks and is interested in the development of this direction. According to KPMG estimates that the potential market for Islamic finance in Russia in the medium term is estimated at 7-9 billion US dollars. We believe Islamic finance is a promising direction taking into account global trends, and we continue to adapt Sberbank products and services by customer demand, as well as to develop new solutions in the framework of the current legislation to date, our total portfolio of structured transactions in this area of funding is 262 million dollars and 30 million rubles, “-. said Oleg Ghana, senior vice president of the Savings Bank.
The forum was also presented Russia’s first Islamic investment index and PayZakat.
The new indices – “Islamic investment index” (trading code – MXSHAR) and “Islamic investment index total yield” (trading code – MXSHARTR) were presented together with the BEAC Mosbirzhey. The index includes securities of issuers that have passed the procedure for checking on compliance with the principles of Islamic economy.
The selection of issuers conducting Sharia Supervisory Board, created by Sberinvest Middle East Limited, headquartered in the United Arab Emirates. The company also provides security audit procedure for compliance with Sharia law. Later Sberinvest Middle East Limited will offer its Middle East customers investment products that are linked to this index.
PayZakat – charitable platform for the Muslim community, which allows you to collect and distribute donations. Currently, one PayZakat platform has more than 3000 subscribers, the average check with major transactions in 2021 amounted to 8000 rubles.