The Government of the Republic of Tatarstan and AAOIFI signed a Memorandum to develop cooperation in the field of Islamic finance
Deputy Prime Minister of the Republic of Tatarstan - Minister of Economy of the Republic of Tatarstan Midkhat Rafkatovich Shagiakhmetov on behalf of the Government of the Republic of Tatarstan, signed a Memorandum of Understanding with Sheikh Ibrahim bin Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees.
The Memorandum defines the framework for future cooperation aimed at strengthening mutually beneficial ties and exchanging experience between the parties. The document reflects the common desire to develop Islamic finance in Russia and the CIS countries, as well as to promote the integration of international standards into national financial systems.
Within the framework of the Memorandum, the parties agreed on the following areas of cooperation:
• developing and strengthening mutually beneficial ties in areas of mutual interest;
• stimulating contacts between financial and educational organizations;
• consideration of the possibility of establishing representative offices or organizations operating in areas of mutual interest in the territories of the States of the Parties;
• consultations, seminars and conferences aimed at the development of Islamic finance and the exchange of best practices.
The signing of the Memorandum creates a solid foundation for practical interaction and exchange of experience between knowledgeable Islamic financial institutions. The parties will promote the development of international relations in the field of Islamic banking, financial education and standardization of instruments.