AAOIFI Representative Office opened in Kazan
With the participation of Kazan Federal University, a Representative Center for the Development of Islamic Finance of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) was officially inaugurated.
The new entity is intended to integrate the Russian and Eurasian markets into the global Islamic finance system. The Center’s key objectives include adapting international Islamic banking standards, training qualified specialists, and expanding cooperation with leading financial institutions of the Islamic world.
The event was attended by the Rais of the Republic of Tatarstan Rustam Minnikhanov and the Chairman of AAOIFI’s Board of Trustees, Sheikh Ibrahim bin Khalifa Al Khalifa.
At the roundtable, the Rais of Tatarstan emphasized that Tatarstan, as a modern business and intellectual center with extensive experience in international dialogue and in scientific and educational cooperation, provides favorable conditions for the work of the representative office.
“I am convinced that the center will become an effective platform for expert dialogue, specialist training, research, and the exchange of best practices for CIS countries and neighboring regions,” said Mr Minnikhanov.
The Head of the Republic particularly highlighted the contribution to human capital development—training specialists, advanced professional development for auditors, financiers, and regulators, and the formation of a professional community oriented toward high international standards and ethical business principles.
Via video link, participants in the roundtable were greeted by Elvira Nabiullina, Chair of the Central Bank of the Russian Federation. The roundtable moderator, Deputy Prime Minister of the Republic of Tatarstan and Minister of Economy Midkhat Shagiakhmetov, read out a greeting from Russia’s Minister of Finance Anton Siluanov. In particular, the minister stated that developing partner finance is one of the Ministry of Finance’s strategic goals.
Ibrahim bin Khalifa Al Khalifa reported that the tasks of the AAOIFI Center in Kazan include preparing a regional roadmap for Islamic finance, which should provide a strategy for its development in Russia and CIS countries in the coming years. Moreover, it will provide practical and advisory support to financial institutions.
As part of the event, the Rais of Tatarstan and the Chairman of AAOIFI’s Board of Trustees toured an exhibition dedicated to the development of Islamic finance in Russia’s regions, as well as in Uzbekistan and Kazakhstan. The exhibition also presented the educational infrastructure used to train personnel for the Islamic finance sector.
KFU has been granted the status of an AAOIFI-affiliated university. Its contributions were presented by Vice-Rector for Economic and Strategic Development Marat Safiullin and Director of the Institute of Management, Economics and Finance Alsu Akhmetshina.
KFU is among the pioneers in introducing educational programs on partner finance in higher education. In 2016, the university launched the master’s program Islamic Finance. Among its graduates is the Chairman of the Spiritual Administration of Muslims of the Republic of Tatarstan, Mufti Kamil Samigullin.
“The master’s program Audit and Financial Management received AAOIFI accreditation. Four of our faculty members previously completed training under AAOIFI standards. Master’s students complete the program and can then undergo certification,” Akhmetshina said.
It is also noted that the MBA, EMBA, and DBA programs offered by KFU’s Higher School of Business include a study module on Islamic finance.
During the 16th International Economic Forum Russia–Islamic World: KazanForum in 2025, Kazan Federal University and AAOIFI signed an agreement regarding the translation of examination materials into Russian.
“For the third year now, Russia has been running a pilot project to develop partner finance. Naturally, it is very important to train specialists. Today, many banks—Sberbank, T-Bank, Ak Bars Bank—offer these products, so they need specialists,” believes Rafik Mukhametshin, Rector of the Russian Islamic Institute.
AAOIFI is one of the most authoritative non-governmental organizations supporting Islamic financial institutions. It was founded in 1991. Its headquarters are located in the Kingdom of Bahrain. The organization’s main purpose is to develop and approve standards for Islamic banks and financial organizations worldwide.