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Considers partnership financing as an alternative source of capital raising by Russian companies in the context of the structural transformation of the financial market and limited access to traditional bank lending. The purpose of the study is to assess the potential of partner financing to ensure the investment activity of companies in Russia and identify institutional barriers to its development. The theoretical basis is the concepts of Islamic finance and partnership financial models involving the distribution of profits and risks between the parties to the transaction. The information base consisted of data from the Bank of Russia survey based on the results of the survey of participants in the experiment, regulatory acts, as well as analytical materials from the Ministry of Finance of Russia and regional authorities in the pilot regions. It is shown that the partner financing market is at an early stage of formation: according to the results of the first half of 2025, the portfolio of operations for the placement of funds reached 2,5 billion rubles, and for raising funds — 4,4 billion rubles, with a significant part of the transactions accounted for by the corporate sector. Using the example of a number of Russian companies implementing transactions in the murabaha format, investment loans and leasing, it is demonstrated that partner financing provides diversification of capital sources and reduction of debt burden, but is faced with limited business awareness, legal uncertainty and insufficient scalability of the pilot regime. Proposals have been formulated to improve regulation and infrastructure development aimed at transforming partnership financing into a sustainable element of the financial system.
partnership financing, Islamic banking, mudaraba, musharaka, sukuk, murabaha, financial innovation
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