On December 26, the first representative center in the CIS for AAOIFI, a key organization developing standards for Islamic finance, was officially opened in Kazan. As noted in the center's presentation video, AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) is an international non-profit organization that has been developing uniform standards for the industry for over 30 years—since its incorporation in Bahrain on March 27, 1991. The organization unites over 200 institutional members from 45 countries, including central banks and regulatory bodies.
The opening ceremony began with the Mufti of Tatarstan reciting selected ayats from the Holy Quran. The event was attended by the Rais of Tatarstan, Rustam Minnikhanov, Chairman of the Group of Strategic Vision "Russia - Islamic World", Sheikh Ibrahim bin Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees, representatives of the Central Bank of the Russian Federation, government bodies of the regions participating in the peer-to-peer financing experiment, State Duma deputies, the Association of Russian Banks, and exhibitors. A roundtable discussion was held during the event, where experts discussed the role of the new center in developing peer-to-peer financing in the CIS countries.
Bank of Russia Governor Elvira Nabiullina opened the series of greetings. In her video address, she made no secret of her satisfaction with the international organization's choice.
"We appreciate that AAOIFI is opening its first foreign office in Russia. This speaks volumes about the depth of our cooperation and the trust that has developed," she noted. The head of the Central Bank drew a direct link between the center's work and concrete economic benefits: "AAOIFI standards provide a common language with investors from dozens of countries. And nothing strengthens mutual trust like unified approaches and ongoing personal contacts. I am confident that this will be key to attracting long-term investment focused on real assets and projects."
The ceremony's central figure was the Rais of Tatarstan, Rustam Minnikhanov. He recalled that the republic had been systematically working toward this moment for over 15 years, creating educational infrastructure and IT solutions.
"Opening a representative office is not the end, but the beginning. We are laying a crucial foundation for the entire industry. Tatarstan, as a business and intellectual hub, is ready to become a living laboratory and a platform for exchanging best practices for all CIS countries," Minnikhanov stated. He placed particular emphasis on human capital, emphasizing that the center's value lies in training a new generation of professionals.
Then the Minister of Economy of Tatarstan, Midkhat Shagiakhmetov, read out a greeting from Anton Siluanov. It outlined the government's clear position: "For the Ministry of Finance, the development of partner financing is one of its strategic goals."
Siluanov directly linked the extension of the experimental regime until September 2028 to the creation of "legal certainty" for investors and called this a tool for diversifying not only the financial sector but the economy as a whole.
"This opens up new opportunities for millions of citizens seeking financial services that align with their moral and ethical principles," the minister concluded.
The highlight was the speech by the Chairman of the AAOIFI Board of Trustees, Sheikh Ibrahim bin Khalifa Al-Khalifa. After warm words of gratitude for the hospitality, which "warms the heart despite the cold," he got to the point.
"Today, we're not simply opening an office. We're sowing the seeds of a vast Islamic finance ecosystem that will serve Tatarstan, Russia, and all CIS countries," the sheikh declared. He detailed the roadmap: from creating a five-year regional plan and assisting regulators to consulting with banks and a large-scale educational program with universities. But the key message was the strategic thesis: "Our clear vision is to position the CIS as a model, a benchmark for the development of Islamic finance for the world. And in 10 years, we want to see Kazan not just as a regional hub, but as a gateway linking the CIS economies with partners in the Middle East and Southeast Asia."
Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, provided a practical response to these ambitions. He recalled the adopted laws and reported that a specialized committee within the Association of Russian Banks is already working, which has prepared the first draft of a national standard—the sukuk instrument (asset-based Islamic bonds – editor's note).
"The key objective is to establish a full-fledged Islamic bank in Russia. Negotiations are ongoing with both our businesses and Arab partners. We expect to complete this work next year," the parliamentarian stated. His market assessment speaks for itself: the current potential is at least a trillion rubles, and the goal is to reach 10 trillion in the near future.
Regulatory representatives provided further specifics. Bank of Russia Board of Directors member Alexey Guznov reported that 34 organizations are already participating in the experiment, and this year's law stipulates the creation of conditions for the development of standards. "In preparing them, we intend to focus on best international practices, primarily AAOIFI," he emphasized.
Shahin Mahmudzade, Director General of the Central Bank of Azerbaijan, called the opening of the center a "foundational moment" that will serve as a bridge between international principles and local practices for the entire region.
Thus, the dialogue received a powerful practical follow-up in the presentations by regulators and businesses from CIS countries. The roundtable in Kazan evolved into a working session on synchronizing efforts across the Eurasian region.
Bektur Aliyev, Deputy Chairman of the National Bank of the Kyrgyz Republic, confirmed the general trend: "In the Kyrgyz Republic, the development of Islamic banking is proceeding in a consistent manner. <...> Currently, six banks and 11 non-bank financial institutions operate according to Islamic principles." He cited an impressive figure: since the beginning of the year, the volume of such financing in the country has grown by 91%, noting that the opening of the AAOIFI center will provide "an additional impetus" for the entire regional expertise.
Renat Kaliyev, Regional Director of the Export Credit Agency of Kazakhstan, shared Kazakhstan's experience. His comment was a response to the strategic vision expressed by Sheikh Al Khalifa: "For Kazakhstan, the Republic of Tatarstan is one of our key partners <...> That's why Kazan has become the starting point of our presence in the Russian Federation." He explained the essence of partner financing as a tool for the real sector: "We support specific cases: food supplies, rolled metal transactions <...> It is in such industries that the principles of partner financing demonstrate their practical effectiveness."
Muzafar Khusnidinov, head of the Uzbek company Mizon, spoke about the foundation—standards and personnel. "For us, AAOIFI is a benchmark for quality and a level playing field. Sharia standards have been translated into Uzbek, and an AAOIFI examination center operates in Uzbekistan." He also made a symbolic gesture by donating a ten-volume tafsir of the Quran to the center, emphasizing the depth of spiritual and intellectual ties.
Commenting on the presentations, Tatarstan's Rais Rustam Minnikhanov shifted the discussion to the realm of concrete legislative work: "It would be appropriate if our legislation <...> were somewhat consistent." He proposed creating a separate session at the upcoming Kazan Forum to harmonize approaches, with the participation of experts from all CIS countries.
"If we unite all our deputies around this task, our voice will be heard," Minnikhanov stated, noting that Islamic finance is a tool for strengthening sovereignty and rapprochement with the Islamic world.
Bank of Russia Board of Directors member Alexey Guznov confirmed ongoing dialogue with CIS colleagues and outlined the regulator's cautious but consistent approach: "Running ahead could backfire <...> We need to go through the standard-setting process." He expressed hope that the State Duma committee led by Aksakov will be able to prepare the transition from the experimental regime to a permanent one.
Sheikh Ibrahim Al-Khalifa delivered the final message. He addressed the audience not only as the head of AAOIFI, but also as a partner who recognized enormous untapped potential. "We don't come here to teach you; we come to learn from you. You have enormous intellectual potential." His speech was both a parting word and a warning: "Success has its price. So does inaction. <...> The worst thing is to miss the opportunity." He cited Tatarstan itself as an example for all of Eurasia, noting its self-sufficiency, industrial development, and economic growth. "Use this as a precedent to show all your brothers <...> that this is an example to follow," the sheikh concluded.
The new center, as described in the presentation video, will serve as a platform for the development of Islamic finance, encompassing partnership financing, standards, trade, and education, and will also facilitate the attraction of international investment. Its opening in Tatarstan is a logical outcome of growing cooperation with CIS countries, whose AAOIFI members already include the central banks of Russia, Uzbekistan, Kyrgyzstan, and Kazakhstan, and the organization's first international conference, which will be held in Russia in 2025. Amir Al-Mousa, head of the center, announced the launch of the representative office and emphasized that this step marks a new stage in the development of Islamic finance and creates an important platform for strengthening mutual cooperation.
GSV "Russia - Islamic World"
Photo: official website of the Rais RT