Rustam Minnikhanov in Bahrain takes part in the signing ceremony of a number of cooperation documents

On November 3, during his working visit to Manama (Bahrain) on the sidelines of the 19th annual conference on Islamic banking and finances, the Rais (Head) of Tatarstan Rustam Minnikhanov took part in the signing ceremony of a number of cooperation documents.

Thus, in the presence of the Rais of Tatarstan, a Memorandum on cooperation between AAOIFI and the Central Bank of the Russian Federation, which implies the entry of the Central Bank into the AAOIFI, was signed. This will strengthen the regulatory framework, jointly develop more efficient, standardized financial processes that meet the needs of stakeholders both in Russia and abroad.

Also in the presence of Rustam Minnikhanov, a memorandum of understanding between AAOIFI and Tatarstan Investment Development Agency, which envisages cooperation in organizing seminars and continuing education programs necessary to work with AAOIFI standards in the field of Islamic banking and finance, was signed. AAOIFI will support the interpretation of its standards and assist with information and human rights programmes.

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AAOIFI, established in 1991 and based in Bahrain, is the leading international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry. It has issued a total of 100 standards in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. It is supported by a number of institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries.  Its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonisation of international Islamic finance practices.