Up to 80% of Russians want to know about the tools of Islamic banking

About 45% of Russians want to know more about partner financing tools — Islamic banking. In the "pilot" regions (the Republic of Tatarstan, Bashkortostan, Dagestan and the Chechen Republic), where an experiment on its application is currently underway, this figure is 80%. These are the results of a survey conducted on the my Finances portal.Russian Research Institute of the Ministry of Finance of the Russian Federation with the support of Roskachestvo, the Association of Muslim Entrepreneurs of the Russian Federation and the Association for the Development of Financial Literacy. The study, which is available to Izvestia, involved more than 12,000 Russians from 76 regions, including more than 1,2,000 from the "pilot" regions.

According to the study, across the country, excluding the "pilot" subjects, only 16% of respondents confidently stated that they were familiar with partner financing services. Only 4% of the respondents are ready to switch to them.

In the experimental regions, the picture is different: 70% of the population is aware of these services. However, so far only 2% use them. 17% of respondents expressed their willingness to become a client. The most in-demand products in these regions were investment services (71%), as well as financing the purchase of housing and cars.

All the respondents agreed that the main aspects of increasing interest in halal financial products and services are educational programs and successful examples of their application. These initiatives can significantly increase citizens' interest in a new financial product, especially at the national level. The key factor for decision-making both in the regions of the experiment and throughout the country is the reliability of the financial institution (82% and 36%, respectively). It is noteworthy that the ethical factor in the "pilot" regions took the second place with a score of 66%, while in the rest of Russia it was only in fifth place (6%).

"The interest in obtaining information about partner financing products is one of the results of the experiment and the joint work of the Ministry of Finance, the Bank of Russia, the regions and organizations participating in the experiment. Over the past two years, the experiment has shown good development dynamics. The portfolio of partner financing operations, as well as the customer base, are steadily growing," Alexey Yakovlev, Director of the Financial Policy Department of the Russian Ministry of Finance, explained to Izvestia.

According to him, the portfolio of transactions for the placement of funds in June 2025 amounted to 2.5 billion rubles, and for raising funds – 4.4 billion rubles.

"We are registering significant interest from representatives of the business sector. As part of the current stage of the experiment, the development of "corporate" products, as well as increasing investment potential, are our priority," said a representative of the ministry.

Shavkat Kuzyaev, Vice President of the Association of Muslim Entrepreneurs of the Russian Federation (APM RF), believes that in order to maximize the effectiveness of the experiment, it is important to take into account both international experience and successful practices within the country. According to him, examples of successful application of partner financing in Russia can become a source of inspiration and a practical guideline for its implementation in business. The association already has members who have successfully switched to using partner financing products to develop their business, which clearly demonstrates the relevance and prospects of this approach.

"As part of the extension of the partnership financing experiment, there is a need to establish transparent standards that will protect the interests of consumers and ensure the safety of market participants. Our research has shown a high demand for services such as leasing and investments. These tools not only contribute to business development and job creation, but also have a positive impact on the economy as a whole. Citizens also expressed a high interest in purchasing real estate. We are confident that the development of generally accepted standards and the introduction of appropriate products and services will help create more transparent and ethical market conditions," explained Olga Shanaeva, Deputy Head of Roskachestvo.

Evgenia Mikhailova, an expert at the NIFI of the Ministry of Finance of the Russian Federation, a member of the Expert Council for Conducting the Experiment under the Government of the Russian Federation, noted that the survey results confirm the expediency of continuing the experiment and the need to raise awareness among citizens through educational programs that tell about the distinctive characteristics of partner finance products and examples of successful transactions.

In her opinion, an important factor in the development of partner finance is to increase the level of trust. The evidence of reliability is, first of all, the inclusion of financial organizations in the Register of participants in the experiment of the Bank of Russia. The survey results clearly demonstrate the need for organizations to join this list more actively, Evgenia Mikhailova believes.

"In order to increase citizens' awareness of the new financial product, it is important to take into account that there is already a higher level of awareness in the experimental regions. In this context, financial literacy of the population plays a key role. After all, financial education helps people better understand the opportunities and risks associated with new products," Veniamin Kaganov, President of the Association for the Development of Financial Literacy (ARFG), Doctor of Economics, explained to Izvestia.

Online loss: the concept of "digital currency" will be included in the Criminal Code

This is necessary to regulate its arrest and seizure.

The State Duma adopted in the third reading a bill aimed at combating financial pyramids. The meeting was held on June 23, 2024. It was clarified that the exception would be consumer societies that participate in the experiment on partner financing, also known as Islamic banking. The effectiveness of such a tool has been investigated in Tatarstan, Bashkiria, Dagestan and Chechnya since September 2023.

All important news is on the Izvestia channel in the MAX messenger.