The establishment of a representative office of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in Kazan will help attract investment to Russia and expand the use of Islamic finance, Central Bank Governor Elvira Nabiullina said in a video message at a roundtable dedicated to the opening.
“I expect that this will ultimately contribute to increased investment and the development of partnership (Islamic) financing for the benefit of the Russian economy,” Nabiullina said. “I also hope the Kazan center will become a platform for experience exchange and cooperation between AAOIFI and other countries, not just Russia.”
According to Nabiullina, the fact that Russia hosts AAOIFI’s first foreign office underscores the strong partnership between the two sides. She emphasized that the Russian financial market continues to diversify, offering a wide range of instruments and remaining open to collaboration with partners who share principles of ethical business and sustainable development.
Nabiullina also noted the global rise of interest in partnership financing, adding that AAOIFI’s standards will allow Russia to build mutually beneficial relations with investors from many countries with which it is deepening economic ties.
GSV "Russia - Islamic World"
Photo: Yuri Zhernakov\Pixabay
Based on materials from TASS