AAOIFI to Assist Russia and the CIS in Developing the Islamic Finance Market
AAOIFI to Assist Russia and the CIS in Developing the Islamic Finance Market
15 May
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is ready to provide the Russian Federation and the CIS countries with comprehensive assistance and support in developing the Islamic finance market. This was announced at the 17th International Economic Forum "Russia – Islamic World: KazanForum" by His Excellency Sheikh Ibrahim bin Khalifa Al Khalifa, Chairman of the Board of Trustees of AAOIFI. He recalled that in December 2025, the Organization opened its representative office in Kazan – the centre became the first on the territory of Russia and the CIS states.
"Tatarstan is a leading region in terms of promoting Islamic finance on the territory of the Russian Federation and the CIS countries. I would like to thank the Rais of Tatarstan, Rustam Minnikhanov, and all those who provide assistance in these matters. For our part, we are fully prepared to offer support in the development of Islamic financing on the territory of Russia and the CIS countries," stated Sheikh Ibrahim bin Khalifa Al Khalifa.
The AAOIFI centre opened in Kazan is providing substantial support in the work to create a methodological base and structure investment projects for their entry into Islamic capital markets, said Midkhat Shagiakhmetov, Deputy Prime Minister – Minister of Economy of the Republic of Tatarstan. He noted that the development of standards is now coming to the fore, with the first of them potentially being adopted as early as June of this year, along with the training of qualified specialists in the field of partnership finance and raising awareness among the public and businesses about the products available to them.
"More than half of all the transactions currently taking place under the experiment are being implemented on the territory of Tatarstan. We believe that the republic holds very great potential. We have prepared a pool of investment projects across various directions that comply with Shariah requirements, and we will be presenting them at all platforms, including at KazanForum," said Midkhat Shagiakhmetov.
Russian and international experts estimate the potential for investment using partnership finance instruments to be no less than trillions of roubles, said Anatoly Aksakov, Deputy of the State Duma of the Russian Federation. According to him, over the three years of the experiment on Islamic banking in four Russian regions – Tatarstan, Bashkortostan, Chechnya and Dagestan – the volume of funds attracted through partnership finance instruments for projects amounts to tens of billions of roubles. The realisation of the existing potential is hindered by the fact that the overwhelming majority of citizens are not yet aware of the investment opportunities that partnership finance instruments open up to them.
"KazanForum helps us to provide more information to potential investors. I am grateful to Tatarstan and the leadership of the republic for holding this forum and inviting distinguished people, including the leadership of AAOIFI. I believe that in the near future we will certainly see hundreds of billions and, quite possibly, trillions of roubles attracted thanks to partnership finance," stated Anatoly Aksakov.
The prospects for co-operation and engagement with Russia are very significant, said Mohammed Waheed Hassan, former President of the Republic of Maldives. He noted that Russia is a very wealthy country with a high level of education among its citizens, which opens up many opportunities for work with many states.
"We have very good relations with Russia. We need to work to develop them," said Mohammed Waheed Hassan.
*****
The International Economic Forum “Russia – Islamic World: KazanForum” is being held in Kazan from 12 to 17 May 2026. In accordance with a decree of the President of the Russian Federation, Vladimir Putin, the Forum acquired federal status in 2023, becoming the main platform for interaction between Russia and the Islamic world.
Representatives from 103 countries have registered for KazanForum 2026.
The Forum’s 2026 business programme includes 149 events across 21 tracks. Several international exhibitions will be held as part of the Forum: The International Exhibition of Co-operation between Russia and the Islamic World, the “Innovations. Investment. Infrastructure” Exhibition, the International Real Estate Exhibition and Conference, and the Kazan Halal Market Trade Fair. The agenda also includes: the Forum of Chambers of Commerce and Industry of OIC Countries, the Forum of Young Diplomats, the Forum of Young Entrepreneurs, meetings of intergovernmental commissions and bilateral conferences, festivals, gastronomic and sports projects, including the “Business on Horseback” horse race and the International Jockeys’ Championship.
In 2026, Kazan holds the status of Cultural Capital of the Islamic World. Cultural co‑operation will be one of the key themes of the humanitarian agenda – during the Forum, the Congress of Ministers of Culture of OIC Countries and the 15th Session of the ICESCO General Conference will be held. The programme will conclude with the “Izge Bolgar Zhyeni” gathering in Bolgar, dedicated to the Day of the Official Adoption of Islam by Volga Bulgaria.
The full programme of the Event is available on the Forum’s official website.
The Roscongress Foundation acts as the Operator for the preparation and holding of the Event, whereas ANO “Directorate for Sports and Social Projects” serves as the Operator’s Executive Directorate.
"Tatarstan is a leading region in terms of promoting Islamic finance on the territory of the Russian Federation and the CIS countries. I would like to thank the Rais of Tatarstan, Rustam Minnikhanov, and all those who provide assistance in these matters. For our part, we are fully prepared to offer support in the development of Islamic financing on the territory of Russia and the CIS countries," stated Sheikh Ibrahim bin Khalifa Al Khalifa.
The AAOIFI centre opened in Kazan is providing substantial support in the work to create a methodological base and structure investment projects for their entry into Islamic capital markets, said Midkhat Shagiakhmetov, Deputy Prime Minister – Minister of Economy of the Republic of Tatarstan. He noted that the development of standards is now coming to the fore, with the first of them potentially being adopted as early as June of this year, along with the training of qualified specialists in the field of partnership finance and raising awareness among the public and businesses about the products available to them.
"More than half of all the transactions currently taking place under the experiment are being implemented on the territory of Tatarstan. We believe that the republic holds very great potential. We have prepared a pool of investment projects across various directions that comply with Shariah requirements, and we will be presenting them at all platforms, including at KazanForum," said Midkhat Shagiakhmetov.
Russian and international experts estimate the potential for investment using partnership finance instruments to be no less than trillions of roubles, said Anatoly Aksakov, Deputy of the State Duma of the Russian Federation. According to him, over the three years of the experiment on Islamic banking in four Russian regions – Tatarstan, Bashkortostan, Chechnya and Dagestan – the volume of funds attracted through partnership finance instruments for projects amounts to tens of billions of roubles. The realisation of the existing potential is hindered by the fact that the overwhelming majority of citizens are not yet aware of the investment opportunities that partnership finance instruments open up to them.
"KazanForum helps us to provide more information to potential investors. I am grateful to Tatarstan and the leadership of the republic for holding this forum and inviting distinguished people, including the leadership of AAOIFI. I believe that in the near future we will certainly see hundreds of billions and, quite possibly, trillions of roubles attracted thanks to partnership finance," stated Anatoly Aksakov.
The prospects for co-operation and engagement with Russia are very significant, said Mohammed Waheed Hassan, former President of the Republic of Maldives. He noted that Russia is a very wealthy country with a high level of education among its citizens, which opens up many opportunities for work with many states.
"We have very good relations with Russia. We need to work to develop them," said Mohammed Waheed Hassan.
*****
The International Economic Forum “Russia – Islamic World: KazanForum” is being held in Kazan from 12 to 17 May 2026. In accordance with a decree of the President of the Russian Federation, Vladimir Putin, the Forum acquired federal status in 2023, becoming the main platform for interaction between Russia and the Islamic world.
Representatives from 103 countries have registered for KazanForum 2026.
The Forum’s 2026 business programme includes 149 events across 21 tracks. Several international exhibitions will be held as part of the Forum: The International Exhibition of Co-operation between Russia and the Islamic World, the “Innovations. Investment. Infrastructure” Exhibition, the International Real Estate Exhibition and Conference, and the Kazan Halal Market Trade Fair. The agenda also includes: the Forum of Chambers of Commerce and Industry of OIC Countries, the Forum of Young Diplomats, the Forum of Young Entrepreneurs, meetings of intergovernmental commissions and bilateral conferences, festivals, gastronomic and sports projects, including the “Business on Horseback” horse race and the International Jockeys’ Championship.
In 2026, Kazan holds the status of Cultural Capital of the Islamic World. Cultural co‑operation will be one of the key themes of the humanitarian agenda – during the Forum, the Congress of Ministers of Culture of OIC Countries and the 15th Session of the ICESCO General Conference will be held. The programme will conclude with the “Izge Bolgar Zhyeni” gathering in Bolgar, dedicated to the Day of the Official Adoption of Islam by Volga Bulgaria.
The full programme of the Event is available on the Forum’s official website.
The Roscongress Foundation acts as the Operator for the preparation and holding of the Event, whereas ANO “Directorate for Sports and Social Projects” serves as the Operator’s Executive Directorate.
