KAZAN, December 26. /TASS/. The opening of the representative center of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in Kazan will facilitate investment inflow into Russia, Elvira Nabiullina, Governor of the Bank of Russia said in a video greeting at a roundtable discussion dedicated to the center’s opening.

"I hope that this will ultimately facilitate investment inflow and fulfilment of the potential of partner financing (Islamic banking - TASS) for the benefit of the Russian economy. Furthermore, I hope that over time, the center in Kazan will become a platform for the exchange of experience and interaction between AAOIFI and other countries, not just Russia," she said.

Nabiullina noted that the opening of AAOIFI's first foreign representative office in Russia confirms the parties' cooperation.

"We are developing our financial market, a wide range of financial instruments, and are open to constructive interaction with partners who share the principles of ethical business conduct and sustainable development," she said.

The head of the Bank of Russia added that interest in partnership financing is growing worldwide. AAOIFI standards provide an opportunity to build relationships with investors from many countries with which Russia is currently actively developing economic ties.

About Islamic banking

Islamic banking means conducting banking activities in accordance with Islamic norms. Payment of interest and derivative interest transactions, transactions with conditions of uncertainty, as well as financing of certain sectors of the economy such as gambling, pork production, alcoholic beverages, tobacco, weapons, ammunition are banned. You cannot finance trade in all abovementioned areas. Common Islamic banking operations are installments, leasing, and equity financing.

The experiment to implement Islamic-compliant partner financing has been in effect since September 1, 2023, in Russian republics of Tatarstan, Bashkortostan, Dagestan, and Chechnya. In July 2025, the State Duma, the lower house of the Russian parliament, passed a law in its second and third readings extending the experiment in Russia until September 1, 2028.