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Islamic banking underused as tool for international cooperation — Finance Ministry

Partnership financing should be utilized more for this purpose, Alexey Yakovlev said

KAZAN, May 15. /TASS/. Partnership financing, or Islamic banking, can be a useful tool for building cooperation with other countries, and should be utilized more for this purpose, said Alexey Yakovlev, Director of the Financial Policy Department of the Russian Ministry of Finance, at the international economic forum "Russia - the Islamic World: KazanForum".

"Partnership financing, Islamic banking, is one of the tools, part of the infrastructure that will allow us to continue building this cooperation and deepen it. It’s an additional tool that, in our view, has yet to be fully tapped. Our task now is to move toward the practical implementation of such cooperation, using mechanisms that have already proven effective in other countries," Yakovlev said.

The XVI International Economic Forum "Russia - the Islamic World: KazanForum" is taking place from May 13 to May 18 in Kazan. The main theme of the forum in 2025 is "Digitalization: a new reality and additional opportunities for expanding cooperation."

Representatives of more than 100 countries have confirmed their participation in the forum.