Meeting with General Secretary of AAOIFI

Date: 22.09.2010

The meeting of General Secretary of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Dr. Muhammad Nedal Ashshaar with the Russian Association of Experts in Islamic finance was held on September 21.

During the meeting, experts exchanged views on prospects for the development of Islamic financial institutions and products in Russia, application of AAOIFI standards in accounting, auditing and Shariah norms, as well as current world trends of a young industry.

The meeting was opened by Rushan hazrat Abbyasov, the head of the international department of the Russian Muftis Council, who introduced the honored guest and spoke about the role of his organization. Welcoming remarks were also made by Madina Kalimullina (head of the department of economic programs of the Russian Muftis Council), Rustam Vahitov (a member of the coordinating council of RAEIF, head of International Taxation group of "Pepeliaev Group"). Irina Yarygina (head of the department of international monetary and financial relations of the Financial University under the Government of the Russian Federation) informed about the directions of activities of the section on Islamic finance, acting at the chair, in particular, in the preparation of the bill, participation in pilot projects in the region, mostly populated by Muslim peoples of Russia, as well as the creation of international financial institutions.

Dr. Muhammad Nedal Ashshaar noted in his speech that the Islamic finance is both a demonstration of perfection and laziness. Perfection in view of the nature of the principles at the basis of Islamic finance, and laziness - due to the fact that for the past 400 years these principles were ignored. He also noted that these principles can be used in any system.

Dr. Ashshaar said that currently AAOIFI includes 220 Islamic financial institutions from 46 countries and reported on the main aspects and challenges of Islamic finance in some countries, particularly in the UK, France, USA.

After a brief introductory speech of visitor from Bahrain, Russian experts had the opportunity to ask questions about the prospects for the development of Islamic financial products in general and in particular in Russia.

Among the issues were differences of some Islamic financial products from a traditional loan, the interaction AAOIFI with regulators, development of new standards and others.

After the meeting, a presentation of the official translation of AAOIFI standards "Sukuk", "Murabaha" and "Islamic insurance" in Russian were held.

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