Russian Parliamentarian Alexander Aksakov announced, during his speech at the opening ceremony of the first representative center for the “Accounting and Auditing Organization for Islamic Financial Institutions” (AAOIFI) in Kazan, the progress of negotiations to establish an Islamic bank in Russia. He considered that this project would provide a strong push for the development of partnership finance in the country.
Aksakov stated that the size of the Islamic finance market in Russia is estimated at no less than one trillion rubles, emphasizing that the desired goal reaches 10 trillion rubles. He expressed his confidence in achieving this level in a short period “if we work hard.”
The opening of the AAOIFI representative center is a significant strategic step for strengthening Islamic finance in Russia and the Eurasian region. The center will take on a pivotal role in integrating it with the global Islamic finance system. The center pursues three strategic goals: localizing international standards for Islamic banking, developing specialized human capital in this field, and enhancing cooperation with leading financial institutions in the countries of the Islamic world.
AAOIFI was established as an international non-profit organization in Bahrain in 1991 and is a leader in setting Sharia standards for Islamic financial institutions. The organization works to ensure transparency and full compliance with Islamic standards in the fields of ethics, auditing, and governance through its operations spread across more than 45 countries.
Source: Novosti
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