The first AAOIFI center in Russia and CIS countries opened in Kazan
On December 26, Kazan hosted the opening of the first AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) Representative Center in Russia and the CIS countries, an international organization that develops accounting, auditing and Sharia compliance standards for Islamic financial institutions.
The opening ceremony was attended by Rustam Minnikhanov, Rais of the Republic of Tatarstan, Sheikh Ibrahim bin Khalifa Al Khalifa, Chairman of the Board of Trustees of AAOIFI, Taliya Minullina, Head of the Investment Development Agency of the Republic of Tatarstan, representatives of AAOIFI, international financial institutions, the Central Bank of the Russian Federation, the Ministry of Finance of the Russian Federation, as well as experts and participants in the partner financing market from Russia and CIS countries.
"For us, this is not just the opening of an office, for us it is like sowing the seed of a large ecosystem of Islamic finance that will serve the Republic of Tatarstan, the Russian Federation and the needs of all other CIS countries. We have a clear vision - we want to position the CIS as a model, an example of the development of Islamic finance. I want to point out that the effect will be felt starting today. We intend to move quickly, with a focus on sharing tangible results at the next KazanForum," said Sheikh Ibrahim bin Khalifa Al Khalifa.
The development of Islamic (partnership) financing in the republic is part of efforts to diversify Tatarstan's economy and expand opportunities to attract investors, in particular from the countries of the Organization of Islamic Cooperation.
As part of the event, the Rais of the Republic of Tatarstan held a bilateral meeting with Sheikh Ibrahim bin Khalifa Al Khalifa. The guests of the event got acquainted with the exhibition of participants in the partner finance market, and also took part in a round table discussion on the role of AAOIFI in the development of Islamic finance in Russia and the CIS countries.
"The development of partnership financing corresponds to the historical traditions of Tatarstan and opens up additional opportunities for expanding economic cooperation with the Islamic world. The opening of Russia's first AAOIFI Representative Center in Kazan is an important step in strengthening international relations, building trust and promoting Russia as a reliable partner for friendly states," said the President of the Republic of Tatarstan.
Since September 1, 2023, Tatarstan has become one of four regions, along with Bashkortostan, Dagestan and Chechnya, in which an experiment on the introduction of partner financing has been launched. In 2025, the experiment was extended for 3 years.
During this time, Tatarstan has achieved a number of positive results: the volume of transactions amounted to 4.3 billion rubles, 13 thousand people were trained, 30 products were developed, 24 thousand debit cards were issued, business awareness increased by 20%, the population by 25%, about 1,600 materials were published in the media, 30 organizations were included in the federal register of participants experiments – 22 of them are from the republic. Last year, the volume of funds raised increased 2.5 times and amounted to 5.4 billion rubles.
"The opening of Russia's first AAOIFI Representative Center in Kazan is the result of the Republic of Tatarstan's systematic approach to the development of partner financing. In a short period of time, the region has gone from a pilot experiment to the formation of a full-fledged infrastructure and direct interaction with international standards. For the region, this is primarily an increase in the confidence of investors from the OIC countries, the expansion of cooperation with friendly states and the integration of Islamic financial instruments into the national economy," said Taliya Minullina, Head of the Investment Development Agency of the Republic of Tatarstan.
It is expected that the activities of the AAOIFI Representative Center in Kazan will contribute to the adaptation of international standards of partner financing, the creation of a full-fledged infrastructure for the active introduction of Islamic financial instruments, building friendly relations with international financial institutions and organizations, developing human resources and expanding cooperation with the countries of the Islamic world. The Center will provide support to all regions of Russia and the CIS countries.
Photo: Tatar-inform News Agency
For reference: In May 2025, the AAOIFI international conference "Islamic Finance and Investment: Promoting Sustainable Development and Global Partnership" was held in Russia for the first time as part of KazanForum. The event was attended by prominent experts, including the Chairman of the Sharia Council of AAOIFI, Sheikh Muhammad Taqi Usmani, representatives of the central banks of the UAE, Bahrain and the Bank of Russia.
In November of this year, a delegation from the Republic of Tatarstan took part in the 20th AAOIFI Conference on Islamic Banking and Finance in Bahrain. On the sidelines of the conference, a Memorandum of Understanding was signed between the Government of the Republic of Tatarstan and AAOIFI, 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.