AAOIFI Will Help Russia Develop the Islamic Finance Market
AAOIFI Will Help Russia Develop the Islamic Finance Market
15 May
The Accounting and Auditing Organization for Islamic Financial Institutions is ready to assist the Russian Federation in the development of the partnership finance market. This was stated by the Chairman of AAOIFI, Sheikh Ebrahim bin Khalifa Al Khalifa, within the framework of the XVI International Economic Forum “Russia – Islamic World: KazanForum”.
“Our goal is to develop Islamic finance in Russia, especially in Kazan and Tatarstan. We came here to provide all possible support from our side,” he said.
According to him, AAOIFI expects the emergence of such a product as sukuk on the Islamic finance market of Tatarstan and Russia.
Ebrahim bin Khalifa Al Khalifa noted that the Republic of Tatarstan and its capital Kazan are actively working and developing rapidly, including in the construction and economic spheres. Representatives of AAOIFI, according to him, held a number of meetings with representatives of the banking sector and visited the IT park, where they were presented with promising developments – startups, software in financial technology, agriculture, medicine, and industry.
“We were pleasantly surprised by what we saw,” claimed Ebrahim bin Khalifa Al Khalifa.
On 15 May, the AAOIFI conference was held for the first time at the KazanForum, which is held annually in Bahrain. The plenary session was devoted to the use of the potential of partnership finance in the economic development of the Russian Federation. It was attended by representatives of federal and regional authorities, international organisations, foreign regulators, and academia. The site was also visited by the Chairman of the Shari’ah Council AAOIFI, a well-known Islamic scholar, Sheikh Muhammad Taqi Usmani.
For the reference: AAOIFI – Accounting and Auditing Organization for Islamic Financial Institutions, headquartered in Bahrain. It was founded in 1990 and during its activity has issued more than 110 standards and technical regulations. Today, AAOIFI is the only international organisation dedicated to standardising and harmonising international partner financing practices in terms of financial reporting, auditing, ethics, and governance for financial products and the institutions offering them. In addition, it certifies the qualifications and competencies of experts working in the field of Islamic banking.
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The International Economic Forum “Russia – Islamic World: KazanForum”, which was granted federal status in 2022 by the Decree of the President of the Russian Federation, is being held for the 16th time on 13-18 May 2025. The Programme includes 200 events such as a Congress of Ministers of Transport within the Islamic countries; a Congress of Ministers of Culture within the Islamic countries; a Congress of Prosecutors General within the Islamic countries; a Congress of Auditors within the Islamic countries; the world’s largest conference on Islamic finance; conferences on the halal industry; a forum of Chambers of Commerce and Industry within the Islamic countries; as well as international exhibitions on economy, trade, and real estate held over 40 thousand sq. m. Representatives from 103 countries registered to participate in 2025. In 2024, the Event gathered more than 20 thousand participants from 87 countries, 87 constituent subjects of the Russian Federation, along with more than 40 diplomatic missions.
“Our goal is to develop Islamic finance in Russia, especially in Kazan and Tatarstan. We came here to provide all possible support from our side,” he said.
According to him, AAOIFI expects the emergence of such a product as sukuk on the Islamic finance market of Tatarstan and Russia.
Ebrahim bin Khalifa Al Khalifa noted that the Republic of Tatarstan and its capital Kazan are actively working and developing rapidly, including in the construction and economic spheres. Representatives of AAOIFI, according to him, held a number of meetings with representatives of the banking sector and visited the IT park, where they were presented with promising developments – startups, software in financial technology, agriculture, medicine, and industry.
“We were pleasantly surprised by what we saw,” claimed Ebrahim bin Khalifa Al Khalifa.
On 15 May, the AAOIFI conference was held for the first time at the KazanForum, which is held annually in Bahrain. The plenary session was devoted to the use of the potential of partnership finance in the economic development of the Russian Federation. It was attended by representatives of federal and regional authorities, international organisations, foreign regulators, and academia. The site was also visited by the Chairman of the Shari’ah Council AAOIFI, a well-known Islamic scholar, Sheikh Muhammad Taqi Usmani.
For the reference: AAOIFI – Accounting and Auditing Organization for Islamic Financial Institutions, headquartered in Bahrain. It was founded in 1990 and during its activity has issued more than 110 standards and technical regulations. Today, AAOIFI is the only international organisation dedicated to standardising and harmonising international partner financing practices in terms of financial reporting, auditing, ethics, and governance for financial products and the institutions offering them. In addition, it certifies the qualifications and competencies of experts working in the field of Islamic banking.
***
The International Economic Forum “Russia – Islamic World: KazanForum”, which was granted federal status in 2022 by the Decree of the President of the Russian Federation, is being held for the 16th time on 13-18 May 2025. The Programme includes 200 events such as a Congress of Ministers of Transport within the Islamic countries; a Congress of Ministers of Culture within the Islamic countries; a Congress of Prosecutors General within the Islamic countries; a Congress of Auditors within the Islamic countries; the world’s largest conference on Islamic finance; conferences on the halal industry; a forum of Chambers of Commerce and Industry within the Islamic countries; as well as international exhibitions on economy, trade, and real estate held over 40 thousand sq. m. Representatives from 103 countries registered to participate in 2025. In 2024, the Event gathered more than 20 thousand participants from 87 countries, 87 constituent subjects of the Russian Federation, along with more than 40 diplomatic missions.
