Midkhat Shagiakhmetov held a working meeting with Sheikh Ibrahim bin Khalifa Al Khalifa in Bahrain.
During the working meeting of the Deputy Prime Minister of the Republic of Tatarstan - Minister of Economy of the Republic of Tatarstan Midkhat Rafkatovich Shagiakhmetov and the Chairman of the AAOIFI Board of Trustees, Sheikh Ibrahim bin Khalifa Al Khalifa, discussed key parameters for the opening of the first AAOIFI Representative Center in Russia and the CIS countries. The meeting was attended by the Russia Ambassador in Bahrain and representatives of the Central Bank of Russia.
The opening of the AAOIFI office in Kazan will be an important step in the development of partner (Islamic) financing in Russia and the Eurasian region. The Center will be engaged in educational, certification and consulting activities, will contribute to the adaptation of international standards of Islamic banking, training specialists and strengthening cooperation with financial institutions of the Islamic world.
"We highly appreciate AAOIFI's initiative to open a representative center in Tatarstan. The republic is ready to provide comprehensive assistance in the implementation of this strategic project," Midkhat Shagiakhmetov said during the meeting.
During the visit, a Memorandum of Understanding was also signed between the Government of the Republic of Tatarstan and AAOIFI. The document defines key areas of cooperation, including the exchange of experience, the organization of joint educational programs, conferences and the development of international business relations in the field of Islamic finance.
The experiment on the development of partnership financing has been extended in Russia for another three years. At this stage, the priorities are to develop permanent regulation, standardize financial instruments, expand the product line and create conditions for attracting investments from the countries of the Islamic world.
The opening of the AAOIFI representative office will contribute to solving these tasks, provide methodological and educational support, and strengthen the integration of Russia and the CIS countries into the global system of Islamic finance.
For reference:
AAOIFI (Accounting and Auditing Organization for IslamicFinancial Institutions) — A leading international organization developing standards of Islamic finance applied in more than 45 countries. The establishment of its representative office in Kazan will make it possible to develop the national system of Islamic finance, build expert potential and implement the best international practices.