The project was developed by the United Banking Technologies company. According to Vedomosti, referring to the founder of the company, Abduvoris Kalandarov, the full launch of the platform is scheduled for May 2025. The project requires a Sharia expert, and this role will be performed by Kalandarov himself, as he has the appropriate certification from the international organization AAOIFI, which deals with the standards of Islamic finance.
Photo: ru.freepik.com
In January, the company submitted documents to the Central Bank to obtain a license. The main idea of the platform is to create a partner financing model where businesses receive money without interest, and investors receive a share of the profits. AAOIFI is an international organization that develops accounting and auditing rules for Islamic financial institutions.
Earlier, we wrote that the Ministry of Finance expects the growth of the Islamic finance market in Russia to a trillion rubles by the end of 2030. Abdelilah Belatik, Secretary General of the General Council of Islamic Banks and Financial Institutions, told TASS today that the global Islamic finance market will amount to $5.3 trillion by the end of the year, and is expected to grow to $9 trillion by 2030.
