Visit of Bank of Russia representatives to the headquarters of the Islamic Development Bank Group
The Bank of Russia delegation visited the headquarters of the Islamic Development Bank Group (IDB) in Jeddah, Saudi Arabia, to engage in consultations with the IDB Group management regarding the implementation of the Memorandum of Understanding between the Bank of Russia and the IDB Group.
The Memorandum was signed in May 2016. It sets out key aims and objectives for cooperation, focusing on the issues of experience sharing and also training and upgrading the qualification of staff engaged in partnership banking.
The Memorandum specifically provides for the interaction in developing training programmes on partner finances, and also research and participation in creating and installing conditions for the development of financial operations based on partnership principles in the Russian Federation in line with the Russian legislation.
Based on the consultation outcome, the parties agreed for the IDB Group to formulate proposals regarding the educational programme designed for Russian experts and aimed at enhancing their competence in the sphere of partnership banking.
The Bank of Russia delegation was headed by Alexander Torshin, State Secretary – Bank of Russia Deputy Governor, deputy head of the Working Group on partnership banking. The delegation comprised representatives from the Bank of Russia, State Duma of the Russian Federation, Vnesheconombank, Sberbank, and Moscow Exchange. The visit was held on 5–6 March 2017.
For reference
The Working Group on partnership banking under the auspices of the Bank of Russia was established in September 2015. It consists of representatives from the Bank of Russia, the Council of Federation and the State Duma of the Russian Federation, Russian ministries and agencies, banking and business community, and also educational and public organisations.
In March 2016, the Working Group approved a road map aimed at the development of partnership banking and associated financial services in the Russian Federation in 2016–2017. The document envisages measures to enhance competences for the members of the Russian financial and business community, develop interaction with foreign states and institutions, and implement pilot projects and programmes in the sphere of partnership banking.
