One of the main challenges in the development of Russian halal products is the search for reliable sources of funding and transaction security. This issue was thoroughly examined at the Moscow Halal Economy Forum 2016. The forum participants discussed the problem of limited access of Russian small and medium enterprises to the sources of Islamic financing.
Cooperation with the Islamic Development Bank (IDB) opens wide prospects for Russian producers. This biggest international financial organization has announced its readiness to provide full support for implementation of deals connected with Islamic funding for Russian companies. The same goal is pursued by agreements between the IDB and large financial organizations of Russia — the Central Bank of Russia, Vneshekonombank, Tatfondbank and Sberbank.
Islamic funding has become available to many small and medium enterprises in Russia, which is an important achievement. Organizations can access these sources through cooperation with Islamic financial companies and crowdfunding platforms.
All this gives hope that Islamic funding will facilitate the development of Russian halal production.