"AAOIFI and the Shura Council of Russian Muftis had together organized a meeting with the said concerned parties during which the nature of AAOIFI standards and how to make them available to Russian financial institutions were discussed, as well as discussing the various aspects of cooperation between these parties and their counterparts in the Middle East."Dr. Alchaar added that "AAOIFI had previously signed an agreement with the Shura Council of Russian Muftis on the translation of key AAOIFI Shari'a standards to the Russian language, including Sukuks, Murabaha, Islamic insurance, Ijarah, Mudharaba and Musharaka which helped the Russian financial institutions in their efforts to develop an Islamic finance industry there".
Dr. Alchaar also highlighted the importance of "establishing a suitable legal and regulatory environment to help accomodate and promote the Islamic financial industry in Russia, in the same way as some other countries such as Britain and Singapore have done (and also France which is currently considering ways to accommodate Islamic banking)", noting that the "Islamic Sukuks in particular have a promising market in the Russian economy."
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an international autonomous not-for-profit organization whose role is to develop accounting, auditing, ethics, governance and Shari'a standards for Islamic financial institutions.
