8 January 2026

PR/01/2026

Kazan, Republic of Tatarstan – The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) officially launched the AAOIFI Centre for Islamic Finance Development in Kazan, marking a historic milestone for the advancement of Islamic (partner) finance in the Republic of Tatarstan, the Russian Federation and the wider Commonwealth of Independent States (CIS). The centre, hosted by the Ministry of Economy of the Republic of Tatarstan, was inaugurated by H.E. Mr. Rustam Minnikhanov, Rais of Republic of Tatarstan.

The centre represents AAOIFI’s first regional centre and becomes operational immediately, with a mandate to contribute to the development of a credible, standards-based foundation for partner finance serving Tatarstan, the Russian Federation and the broader CIS region.

The launch follows a high-level meeting in Moscow between H.E. Sheikh Ebrahim bin Khalifa al Khalifa, Chairman, AAOIFI Board of Trustees, and H.E. Ms. Elvira Nabiullina, Governor, Central Bank of Russia. The meeting highlighted the Central Bank of Russia’s agenda for partner finance, including the extension of the pilot programme initiated in 2023 until 2028 and its potential integration into the national financial system, subject to regulatory assessment. Both sides underscored the importance of aligning partner finance practices with globally recognised AAOIFI standards in order to promote regulatory clarity, transparency and investor confidence.

The centre was formally launched during a dedicated roundtable titled “The Role and Objectives of the Representative Centre in Developing Partner Finance in the CIS Countries”, attended by representatives of the Central Bank of Russia and senior delegates from across CIS jurisdictions. Discussions focused on the centre’s role in supporting:

1. regulatory and supervisory development aligned with AAOIFI standards;
2. technical and advisory support to market participants;
3. institutional capacity-building; and
4. human-capital development,

with the objective of supporting inclusive, asset-backed and risk-sharing financial solutions for the region’s population, comprising both Muslim and non-Muslim communities.

H.E. Mr. Rustam Minnikhanov stated, “The opening of the AAOIFI Centre For Islamic Finance Development in Kazan is an important step in advancing partner finance in the Republic of Tatarstan. This initiative reflects our commitment to developing this industry on strong institutional foundations, supporting long-term investment, micro-, small- and medium-sized enterprises and the real economy. Our objective is to position Kazan as the reference point for responsible partner finance development in the CIS, connected to global markets.”

H.E. Ms. Elvira Nabiullina commented, “The partner finance pilot programme is currently being implemented in selected regions until 2028. Our objective is to assess its long-term potential and, where appropriate, integrate it into the Russian financial system in a responsible and sustainable manner. Alignment with internationally recognised standards, including those issued by AAOIFI, is an important element in ensuring transparency, credibility and confidence among market participants.”

H.E. Sheikh Ebrahim bin Khalifa al Khalifa remarked, ” The establishment of the AAOIFI Centre for Islamic Finance Development in Kazan reflects our belief in the long-term potential of the CIS region for partner finance. We are grateful for the trust placed in AAOIFI by the leadership of the Russian Federation and the Republic of Tatarstan. Over time, we hope to see Kazan emerge as a regional hub for partner finance, linking CIS economies with markets in the Middle East and South Asia, supported by strong standards, capable professionals and sound market practices.”

The inauguration was also marked by statements of support from Mr. Anton Siluanov, Finance Minister, Russian Federation; Mr. Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets; and Mr. Alexey Guznov, State Secretary and Deputy Governor of the Central Bank of Russian Federation, among other senior officials, reflecting broad institutional interest in the development of partner finance.

The AAOIFI Centre for Islamic Finance Development will focus on:

1. contributing to the preparation of a five-year regional roadmap in collaboration with the Islamic Development Bank and other stakeholders;
2. supporting the adoption and consistent application of AAOIFI standards;
3. providing technical and advisory support to regulators, banks and Sukuk issuers; and
4. strengthening local expertise and institutional capacity across the CIS region.

Commenting on the Centre’s operational focus, Mr. Amier Al Moussa, Founding Director of the AAOIFI Centre for Islamic Finance Development, said, “Our approach is to draw on experience from established Islamic finance markets, including the Middle East and South Asia, and to apply those lessons with discipline. The objective is to build strong foundations, avoid structural weaknesses and support the development of a practical and resilient partner finance ecosystem from the outset.”

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