Tatarstan delegation participated in the 20th AAOIFI Conference in Bahrain
On behalf of the Head of the Republic of Tatarstan, Rustam Minnikhanov, a delegation of the Republic led by Deputy Prime Minister and Minister of Economy of the Republic of Tatarstan Midkhat Shagiakhmetov took part in the 20th Annual Conference on Islamic Banking and Finance in Bahrain. During the visit, a number of bilateral meetings were held with international Islamic financial organizations.
The key outcome of the visit was the signing of a Memorandum of Understanding between the Government of the Republic of Tatarstan and the Organization for Accounting and Auditing for Islamic Financial Institutions (AAOIFI).
Speaking at the opening ceremony of the conference, the Deputy Prime Minister and Minister of Economy of Tatarstan noted the importance of developing cooperation between the Russian financial market and the global system of Islamic finance. The topic of this year's forum was artificial intelligence and the transformation of Islamic financial institutions based on digital technologies. Midkhat Shagiakhmetov said that Russia is implementing a national strategy for the development of AI until 2030, and Tatarstan has regional projects such as the GosPrompt platform, Tatneft and Innopolis developments, as well as Halal Card and RANKS systems that use AI to increase transparency in Islamic finance.
During the trip, the delegation met with the leadership of the Institute of the Islamic Development Bank (IsDBI), headed by Dr. Sami al-Suwayl, as well as with the Chairman of the Board of Trustees of AAOIFI, Sheikh Ibrahim bin Khalifa Al Khalifa, with the participation of representatives of the Central Bank of Russia. The prospects of cooperation in the field of partner financing, the implementation of educational initiatives and the functioning of the AAOIFI representative office in Kazan were discussed. The Center will become an expert and methodological platform for partner financing, personnel training and adaptation of international standards of Islamic banking.
A separate meeting was held with the Ambassador Extraordinary and Plenipotentiary of Russia to Bahrain Alexey Skostyrev. The delegation also held a meeting with people from Tatarstan working in Islamic financial institutions abroad, including the UAE and Tajikistan. Issues of exchange of experience and development of Islamic finance in Russia were discussed.
"Tatarstan's participation in the annual AAOIFI conference is becoming a good tradition and an important platform for strengthening partnerships. Our country and the Islamic world are linked by trusting ties, including within the framework of the Russia—Islamic World Strategic Vision Group, which is headed by Rustam Minnikhanov, the Head of the Republic of Tatarstan," said Midkhat Shagiakhmetov.