The First AAOIFI Center in Russia and the CIS Opened in Kazan
The First AAOIFI Center in Russia and the CIS Opened in Kazan
26 December
On December 26, the first Representative Center of AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) in Russia and the CIS countries opened in Kazan. AAOIFI is an international organization that develops accounting, auditing, and Shariah compliance standards for Islamic financial institutions.
The Opening Ceremony was attended by the Rais (Head) of the Republic of Tatarstan, Rustam Minnikhanov, the Chairman of the AAOIFI Board of Trustees, Sheikh Ebrahim bin Khalifa Al-Khalifa, the Head of the Tatarstan Investment Development Agency, Taliya Minullina, representatives of AAOIFI, international financial institutions, the Central Bank of the Russian Federation, the Ministry of Finance of the Russian Federation, as well as experts and participants in counterpart funding market from Russia and the CIS countries.
“For us, this is not only an office opening, it is sowing the seed of a large Islamic finance ecosystem that will serve the Republic of Tatarstan, the Russian Federation, and the needs of all other CIS countries. We have a clear vision: we want to position the CIS as a model, a benchmark for the development of Islamic finance. I want to emphasize that the impact will be felt starting today. We intend to move fast, with a focus on sharing tangible results at the upcoming KazanForum,” said Sheikh Ebrahim bin Khalifa Al-Khalifa.
The development of Islamic (partnership) financing in the Republic is part of efforts to diversify the Tatarstan economy and expand opportunities for attracting investors, particularly from countries of the Organization of Islamic Cooperation.
As part of the event, the Rais (Head) of the Republic of Tatarstan held a bilateral meeting with Sheikh Ebrahim bin Khalifa Al-Khalifa. Guests were presented an exhibition of partners in the counterpart funding market and participated in a round-table discussion on the role of AAOIFI in the development of Islamic financing in Russia and the CIS countries.
“The development of counterpart funding is in line with Tatarstan’s historical traditions and opening up additional opportunities for expanding economic cooperation with the Islamic world. The opening of Russia’s first AAOIFI Representative Center in Kazan is an important step in strengthening international ties, building trust, and promoting Russia as a reliable partner for friendly states,” noted the Rais (Head) of the Republic of Tatarstan.
On September 1, 2023, Tatarstan became one of four regions, along with the Republics of Bashkortostan, Dagestan, and Chechnya, where an experiment to introduce counterpart funding began. In 2025, the experiment was extended for three more years.
During this time, Tatarstan has achieved a number of positive results: transaction volume amounted to 4.3 billion rubles, 13,000 people were trained, 30 products were developed, 24,000 debit cards were issued, business awareness increased to 20%, and public awareness increased to 25%. Around 1,600 media reports were published, 30 organizations were included in the federal register of experiment participants, 22 of which were from the Republic. Last year, the volume of funds raised increased 2.5-fold, reaching 5.4 billion rubles.
“The opening of the first AAOIFI Representative Center in Kazan is the result of the Republic of Tatarstan’s systematic approach to developing counterpart funding. In a short period of time, the region has gone from a pilot experiment to the development of a fully-fledged infrastructure and direct interaction with international standards. For the region, this primarily means increased confidence of the investors from OIC countries, expanded cooperation with friendly states, and the integration of Islamic financial instruments into the national economy,” said Taliya Minullina, Head of the Tatarstan Investment Development Agency.
The activities of the AAOIFI Representative Center in Kazan are expected to facilitate the adaptation of international standards for counterpart funding, the creation of a comprehensive infrastructure for the active implementation of Islamic financial tools, the building of friendly relations with international financial institutions and organizations, the development of human resources, and the expansion of cooperation with countries of the Islamic world. The Center will provide support to all regions of Russia and the CIS countries.
For reference:
In May 2025, KazanForum hosted the first AAOIFI international conference in Russia named “Islamic Finance and Investment: Promoting Sustainable Development and Global Partnership”. The event was attended by prominent experts, including Sheikh Muhammad Taqi Usmani, Chairman of the AAOIFI Shari’ah Board, and representatives from the central banks of the UAE, Bahrain, and the Bank of Russia.
A delegation from the Republic of Tatarstan participated in the 20th AAOIFI Conference on Islamic Banking and Finance in Bahrain in November this year. A Memorandum of Understanding aimed at strengthening mutually beneficial ties and exchanging best practices between the parties was signed between the Government of the Republic of Tatarstan and AAOIFI on the sidelines of the conference. The document reflects a shared commitment to the development of Islamic finance in Russia and the CIS countries, as well as promoting the integration of international standards into national financial systems.
The Opening Ceremony was attended by the Rais (Head) of the Republic of Tatarstan, Rustam Minnikhanov, the Chairman of the AAOIFI Board of Trustees, Sheikh Ebrahim bin Khalifa Al-Khalifa, the Head of the Tatarstan Investment Development Agency, Taliya Minullina, representatives of AAOIFI, international financial institutions, the Central Bank of the Russian Federation, the Ministry of Finance of the Russian Federation, as well as experts and participants in counterpart funding market from Russia and the CIS countries.
“For us, this is not only an office opening, it is sowing the seed of a large Islamic finance ecosystem that will serve the Republic of Tatarstan, the Russian Federation, and the needs of all other CIS countries. We have a clear vision: we want to position the CIS as a model, a benchmark for the development of Islamic finance. I want to emphasize that the impact will be felt starting today. We intend to move fast, with a focus on sharing tangible results at the upcoming KazanForum,” said Sheikh Ebrahim bin Khalifa Al-Khalifa.
The development of Islamic (partnership) financing in the Republic is part of efforts to diversify the Tatarstan economy and expand opportunities for attracting investors, particularly from countries of the Organization of Islamic Cooperation.
As part of the event, the Rais (Head) of the Republic of Tatarstan held a bilateral meeting with Sheikh Ebrahim bin Khalifa Al-Khalifa. Guests were presented an exhibition of partners in the counterpart funding market and participated in a round-table discussion on the role of AAOIFI in the development of Islamic financing in Russia and the CIS countries.
“The development of counterpart funding is in line with Tatarstan’s historical traditions and opening up additional opportunities for expanding economic cooperation with the Islamic world. The opening of Russia’s first AAOIFI Representative Center in Kazan is an important step in strengthening international ties, building trust, and promoting Russia as a reliable partner for friendly states,” noted the Rais (Head) of the Republic of Tatarstan.
On September 1, 2023, Tatarstan became one of four regions, along with the Republics of Bashkortostan, Dagestan, and Chechnya, where an experiment to introduce counterpart funding began. In 2025, the experiment was extended for three more years.
During this time, Tatarstan has achieved a number of positive results: transaction volume amounted to 4.3 billion rubles, 13,000 people were trained, 30 products were developed, 24,000 debit cards were issued, business awareness increased to 20%, and public awareness increased to 25%. Around 1,600 media reports were published, 30 organizations were included in the federal register of experiment participants, 22 of which were from the Republic. Last year, the volume of funds raised increased 2.5-fold, reaching 5.4 billion rubles.
“The opening of the first AAOIFI Representative Center in Kazan is the result of the Republic of Tatarstan’s systematic approach to developing counterpart funding. In a short period of time, the region has gone from a pilot experiment to the development of a fully-fledged infrastructure and direct interaction with international standards. For the region, this primarily means increased confidence of the investors from OIC countries, expanded cooperation with friendly states, and the integration of Islamic financial instruments into the national economy,” said Taliya Minullina, Head of the Tatarstan Investment Development Agency.
The activities of the AAOIFI Representative Center in Kazan are expected to facilitate the adaptation of international standards for counterpart funding, the creation of a comprehensive infrastructure for the active implementation of Islamic financial tools, the building of friendly relations with international financial institutions and organizations, the development of human resources, and the expansion of cooperation with countries of the Islamic world. The Center will provide support to all regions of Russia and the CIS countries.
For reference:
In May 2025, KazanForum hosted the first AAOIFI international conference in Russia named “Islamic Finance and Investment: Promoting Sustainable Development and Global Partnership”. The event was attended by prominent experts, including Sheikh Muhammad Taqi Usmani, Chairman of the AAOIFI Shari’ah Board, and representatives from the central banks of the UAE, Bahrain, and the Bank of Russia.
A delegation from the Republic of Tatarstan participated in the 20th AAOIFI Conference on Islamic Banking and Finance in Bahrain in November this year. A Memorandum of Understanding aimed at strengthening mutually beneficial ties and exchanging best practices between the parties was signed between the Government of the Republic of Tatarstan and AAOIFI on the sidelines of the conference. The document reflects a shared commitment to the development of Islamic finance in Russia and the CIS countries, as well as promoting the integration of international standards into national financial systems.
Photo Gallery from the Event
