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Tatarstan ready to cooperate with Saudi Arabia on Islamic banking

The region also sees interest in cooperating on energy and agriculture

TASS, November 24. Tatarstan is Russia’s pilot region for the implementation of Islamic banking projects and is ready to cooperate in these issues with Saudi Arabia. That’s according to Tatarstan’s President Rustam Minnikhanov who met with Emir Khalid bin Faisal Al Saud, Prince and Advisor to the King and Ruler of Makkah Province in Jeddah, the press service of the Tatarstan President reports.

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

He stressed that Tatarstan sees particular interest in cooperating in 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 Saudi leadership’s attention to Tatarstan's delegations and pilgrims making the Hajj. According to the press service, 1.8 thousand people from Tatarstan made the Hajj before the pandemic in 2019. "The President of Tatarstan noted that the visa service for pilgrims and tourists to the Kingdom of Saudi Arabia 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.

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