A representative office of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will open in Kazan on December 26, Rais of Tatarstan Rustam Minnikhanov announced at a meeting of the organizing committee for the Russia–Islamic World: KazanForum.
“By the end of the year, on December 26, Kazan will host the opening of the AAOIFI representative office, the world’s leading standard-setting body for Islamic finance. This initiative marks a qualitative breakthrough — we are moving from consultations to structured, joint work,” Minnikhanov said.
Islamic banking operates in line with Sharia principles. A pilot program introducing partnership-based financing under Islamic norms has been in effect since September 1, 2023, in Tatarstan, as well as in Bashkortostan, Dagestan and Chechnya. In July 2025, the State Duma approved legislation extending the pilot program in Russia until September 1, 2028.
GSV "Russia - Islamic World"
Photo: Dmitry Dmitry\Pixabay
Based on materials from TASS