Taliya Minnullina on KazanForum: “Verification of Islamic bonds will set a precedent in Russia”
During the forum, the first placement of sukuk worth 5 billion rubles is planned, a small delegation from Iran is expected, and 116 agreements with Muslim countries are to be signed
“This year, the Iranian delegation will be small. Due to the current international situation, the number of its participants has decreased. But, as before, the Islamic Bank of Iran will have a stand at the exhibition," Taliya Minnullina, head of the Tatarstan Investment Development Agency, said today at a briefing ahead of the official opening of the International Economic Forum “Russia — Islamic World: KazanForum," which will take place tomorrow. Representatives from 103 countries have been accredited to participate. The focus of attention is on the restructuring of transport and logistics routes; the Gulf countries are concerned about food security; and Russian businesses want to be engaged with Islamic bonds. More details in this report by Realnoe Vremya.
The strait of Hormuz and the North-South ITC: logistics to be discussed at the forum
The International Economic Forum “Russia — Islamic World: KazanForum” will convene in Kazan for the seventeenth time, but this year the international geopolitical situation is tense to the limit. Due to the escalation of military conflicts, tensions are rising in shipping through the Strait of Hormuz, a critical energy corridor for the entire world, forcing countries to reconsider established transport and logistics routes.
It is obvious that the topic of reshaping the North-South International Transport Corridor (ITC) will again be raised in key sessions of the forum. The participation of Russian Presidential Aide Igor Levitin and Deputy Prime Minister Alexei Overchuk is expected, said Taliya Minnullina, head of the Tatarstan Investment Development Agency. Undoubtedly, members of governments of CIS countries and Arab states, who perceive logistical problems more acutely than in previous years, will also take part in the discussions. However, the international agenda was not commented on at the briefing.
Kazan awaits large delegations from Egypt, Oman, and Turkmenistan
A day before the official opening of the forum, representatives from 103 countries had been accredited in the registration system, Taliya Minnullina reported. She did not name the total number of participants until registration closes.
Among them are heads of state from the CIS: the National Leader of the Turkmen people, Gurbanguly Berdimuhamedow, and the Prime Minister of Tajikistan, Kohir Rasulzoda. Incidentally, the delegation from Turkmenistan is substantial: it includes the Deputy Prime Minister and the country's Foreign Minister. Uzbekistan and Azerbaijan will be represented at the level of deputy heads of government. Among Asian countries, large delegations of officials and businessmen are expected from Oman (60 people), Egypt, Turkey, and Mali. Other participants include the Minister of Budget and Economic Planning of Nigeria, the Minister of Oil and Gas of Libya, and the Minister of Tourism of Pakistan. “We have never gathered such representative guests before," noted Taliya Minnullina.
Islamic countries account for 50% of Tatarstan’s foreign trade turnover
The activity of Islamic states is explained by their growing economic influence. “Today, more than 50% of Tatarstan's foreign trade turnover is with Islamic countries. According to the results of 2025, its volume exceeded $8 billion," Taliya Minnullina later noted in a conversation with Realnoe Vremya. “I think this turnover will grow, including due to the agreements we reach on the forum platform. CIS countries and Turkey are among the leaders.”
Russian President Vladimir Putin and Prime Minister Mikhail Mishustin will again not participate in KazanForum. It is expected that a welcoming telegram will be read by Deputy Prime Minister Marat Khusnullin at a meeting of the “Russia — Islamic World” Strategic Vision Group.
— The Iranian delegation will be small. Due to the current international situation, the number of its participants has decreased. But, as before, the Islamic Bank of Iran will have a stand at the exhibition, — the head of the Agency clarified.
Sukuk in Russia and Turkey are different stories
Islamic finance is a classic theme of the International Economic Forum “Russia — Islamic World: KazanForum.” In fact, the forum originated about 20 years ago with the idea of introducing Islamic banking in Russia. This year, the Kazan venue plans to hold a ceremony for the verification of the country's first bond issuance according to Sharia canons (sukuk). The issue volume is 5 billion rubles, the funds will be used to finance the infrastructure of the Severnye Vorota industrial park in Kazan, managed by the Alabuga SEZ. “Verification of Islamic bonds will set a precedent in the Russian Federation," said Taliya Minnullina.
Previously, the Rosatom State Corporation used this instrument. However, the Russian nuclear company placed sukuk in Turkey to finance the construction of a nuclear power plant in that country. “But that is a completely different financial infrastructure," noted the head of the Agency, without specifying the difference in the cost of raising capital according to Sharia.
— The main problem with Islamic bonds is that large Russian enterprises do not yet see a clear benefit from switching from traditional bonds. They also do not perceive them as a resource for attracting foreign capital. To solve this problem and demonstrate the potential of Islamic bonds, educational events are necessary. Our new AAOIFI center will be involved in this, among other things, — Taliya Minnullina later shared with journalists.
Halal exhibition and investment project fair
As part of KazanForum, a halal product exhibition will be held again, with 11 Russian regions and nine foreign countries participating. According to Taliya Minnullina, the Gulf countries are concerned about food security. However, the focus is not on wholesale purchases, but on familiarizing with new types of products and discussing certification according to international halal standards.
Another international exhibition, Property Market, is dedicated to construction and real estate. It will feature 152 infrastructure projects in the country that could be financed according to Sharia canons. “This is an unprecedented event, marking the entry of Russian investment proposals to the international level. The exhibition features 152 projects in English, 24 of which were developed by the Republic of Tatarstan. It is important to note that the projects are grouped not by region, but by industry, which meets the demands of investors seeking to analyze proposals by specific sectors of the economy," said Taliya Minnullina. In total, 116 agreements are expected to be signed at the end of the forum.
The cultural program of KazanForum is no less rich. Kazan has been declared the Cultural Capital of the Islamic World for 2026. This decision was made at the 13th Conference of Culture Ministers of the Organisation of Islamic Cooperation (OIC), recalled the Minister of Culture of Tatarstan, Irada Ayupova. On this occasion, Kazan is expecting the OIC Assistant Secretary-General for Humanitarian, Cultural, Social, and Family Affairs — Ambassador Tariq Ali Wajih, the OIC Assistant Secretary-General for Political Affairs — Yusef Al-Dobeay, and other dignitaries.
The main event — the second Congress of Culture Ministers of OIC Countries — will take place on May 14. Its theme is formulated as “The Art of Dialogue: The Role of Russia and the Islamic World in Preserving Global Culture.” Participation has been confirmed by 38 official delegations from 28 countries, with the first guests already arriving today. The guests will be introduced to Russia's rich cultural heritage. Tomorrow, a performance by artists of the State Academic Mariinsky Theater will take place in Kazan.