A delegation from Tatarstan, led by Deputy Prime Minister and Minister of Economy Midkhat Shagiakhmetov, participated in the 20th Annual Conference on Islamic Banking and Finance in Bahrain. The delegation attended at the direction of Rustam Minnikhanov.
A key outcome of the visit was the signing of a Memorandum of Understanding between the Government of the Republic of Tatarstan and AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions).
During the conference, Midkhat Shagiakhmetov emphasized the importance of integrating Russia's financial market into the global Islamic finance system. He also addressed artificial intelligence and digital transformation, noting that Russia is implementing a national AI development strategy through 2030. He highlighted how Tatarstan is actively utilizing regional developments like “GosPrompt,” solutions from "Tatneft" and Innopolis, as well as Halal Card and RANKS systems to enhance transparency in Islamic finance.
The visit featured several bilateral meetings, including talks with leadership of the Islamic Development Bank Institute (IsDBI) and AAOIFI Board of Trustees Chairman Sheikh Ebrahim bin Khalifa Al Khalifa, with participation from Central Bank of Russia representatives. Discussions covered partnership financing, educational programs, and the operation of AAOIFI's Kazan representative office, which will serve as an expert platform for industry development. The delegation also met with Russian Ambassador to Bahrain Alexey Skosyrev and Tatarstan specialists working in Islamic financial institutions abroad.
Midkhat Shagiakhmetov noted that Tatarstan's participation in the AAOIFI conference strengthens partnership relations and confirms the trust-based ties between Russia and the Islamic world, including within the framework of the Group of Strategic Vision “Russia — Islamic World” chaired by Rustam Minnikhanov.
GSV "Russia - Islamic World"