Tatarstan is ready to cooperate with Saudi Arabia on Islamic banking

24 November

Tatarstan, as a pilot region of Russia for implementation of Islamic banking projects, is ready to cooperate on these issues with Saudi Arabia, Tatarstan President Rustam Minnikhanov said at a meeting with Emir Khaled bin Faisal Al Saud, Prince, Advisor to the King, Governor of Mecca Province, in Jeddah, the press service of the Tatarstan President reports.


"Saudi Arabia is an important partner of Russia. We are developing relations in almost all directions. The leaders of our countries have repeatedly stressed during their talks the mutual interest in increasing cooperation in trade, economic and investment spheres," the press service quotes Minnikhanov as saying.


He stressed that Tatarstan sees interest in particular in interaction in the field of energy and agriculture. "And reminded that Tatarstan is a pilot region for the implementation of Islamic banking projects in Russia. Therefore, it is ready to cooperate in these areas as well," the press service reported.

Minnikhanov also noted the Saudi leadership's attention to Tatarstan's delegations and pilgrims making the hajj. According to the press service, before the pandemic, 1.8 thousand people made the Hajj from Tatarstan in 2019. "The President of Tatarstan noted that the visa service for pilgrims and tourists to the KSA will be greatly facilitated due to the planned opening of the Consulate General of the Kingdom in Kazan," the press service reported.


Islamic banking


Partnership or Islamic banking is an alternative type of financial services, corresponding to the principles of financing, widely used in South-East Asia and the Middle East. The main feature of financial services in partnership banking is the rejection of loan interest, high risk operations and transactions with uncertainty.



GSV "Russia - Islamic World"

Photo: official site of the President of the Republic of Tatarstan

Based on materials from TASS