Rais of Tatarstan Rustam Minnikhanov spoke at the opening ceremony of the 19th Annual Islamic Banking and Finance Conference in Manama, Bahrain. This year's main theme was "Leveraging Islamic Finance to Build a Sustainable, Efficient and Resilient Halal Ecosystem for Muslim Economies."
In his opening remarks, Minnikhanov expressed gratitude to King Hamad bin Isa Al Khalifa of Bahrain and the conference organizers for the opportunity for the Tatarstan delegation to participate. He noted that, as directed by Russian President Vladimir Putin, he leads the Group of Strategic Vision (GSV) "Russia-Islamic World."
Minnikhanov emphasized Russia’s strong, trust-based relations with Islamic nations. "Russia is open to the broadest possible business and humanitarian engagement with the Islamic world. The GSV 'Russia-Islamic World' is one of the key platforms for our country’s cooperation with Muslim nations. It serves as a consultation venue for influential public and political figures, business leaders, academics, and religious authorities," he said.
He highlighted Tatarstan’s role in strengthening Russia’s ties with the Organization of Islamic Cooperation (OIC). "With the support of the OIC, we host the annual International Economic Forum 'Russia-Islamic World: KazanForum,' the largest platform in our country for discussing Russia-Muslim nation cooperation," he noted, inviting conference participants to the next KazanForum in May.
Minnikhanov pointed out Russia's great potential in Islamic economic development. He reminded attendees that Tatarstan is a pilot region for implementing Islamic (partnership-based) banking and finance principles in Russia. According to the Central Bank of Russia, 27 organizations are now active in this field, 20 of which operate in Tatarstan. All primary Islamic finance products are available, developed by experts in Tatarstan certified by AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions). "Through our partnership with AAOIFI, we established Russia's only AAOIFI testing center at the Russian Islamic Institute, allowing experts to gain certification within Russia," he said.
Currently, Russia has 12 AAOIFI-certified experts. "Expanding our cooperation with AAOIFI is a key priority for us," Minnikhanov concluded.
Other notable speakers at the ceremony included Sheikh Ibrahim bin Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees; Sami Al Suwailem, Director General of the Islamic Development Bank Institute; Dr. Feras Milhem, Chairman of the Palestine Monetary Authority (Central Bank of Palestine); and Noor Ahmad Agha, head of Da Afghanistan Bank (Central Bank of Afghanistan).
During the event, Minnikhanov participated in a memorandum of cooperation signing between AAOIFI and the Central Bank of Russia. Additionally, a partnership agreement between AAOIFI and the Tatarstan Investment Development Agency was signed in his presence.
The conference, held annually under the auspices of AAOIFI and the Islamic Development Bank (IDB), takes place in Bahrain under the patronage of the Central Bank of Bahrain. Participants include representatives from banks, regulatory and supervisory bodies, Islamic financial institutions, accounting, auditing, and legal firms, and academic institutions.
GSV "Russia - Islamic World"
Photo: official website of the Rais RT
Based on materials from the Press Service of the Rais RT