Business programme

Islamic Banking: Prospects to Become an Effective Tool for Attracting Investment to Russia

16 Jun , 09:00–10:00
The Russian Economy: From Adaptation to Growth
Pavilion H, conference hall H23 (2nd floor)

The search for internal financial growth resources is a topical issue on Russia’s economic agenda. Given the western sanctions and western companies’ withdrawal from the Russian market, the prospects for developing Islamic financing are being discussed with increasing frequency. Development of Islamic banking in Russia will stimulate business among Russian Muslims, who are estimated to number about 15–25 million. Ultimately, it may also become an additional source of economic growth. Islamic banking requires legislative amendments. Discussions concerning legal regulations in this area have been going on for years. In 2022, a draft law submitted to the State Duma envisaged introducing experimental special regulations that would create the conditions required partnership financing in certain Russian regions. In many countries, Islamic financing took off pursuant to initiatives proposed by the government and regulatory bodies issuing sovereign Islamic bonds, which acquitted themselves well as a successful product for attracting medium- and long-term investment from many investors within the Islamic financing system. Could this system be set up in Russia? What are the current prospects for introducing and developing Islamic banking in Russia as part of this experiment? Could the Islamic mode become Russia’s new vector for developing financial channels for collaborating, amid international sanctions and restrictions, with the markets of Arab states and Southeast Asian states while also opening up access to alternative investment sources?

Gennady Shinin, Partner, Head of Financial Services Group, B1 Group of Companies

Mikhail Avtukhov, Deputy Chairman of the Board, Head of Corporate Investment Business, Sovcombank
Anatoly Aksakov, Chairman of the Committee of the State Duma of the Federal Assembly of the Russian Federation on Financial Markets
Oleg Ganeev, Senior Vice President, Sberbank
Alexey Guznov, Secretary of State – Deputy Chairman, The Central Bank of the Russian Federation (Bank of Russia)
Vladimir Novikov, Member of the Board of Directors, General Director, VEB Engineering
Anatoly Pechatnikov, Deputy President – Chairman of the Management Board, VTB Bank