The official translation of the Shariah standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has been published in Russian with the support of the Eurasian Development Bank (EDB).
"This will open up new opportunities for banks, investment funds, and fintech companies in the CIS and Central Asian countries," stated an EDB press release.
The translation is seen as a key element of the global strategy for the standardization and regulation of Islamic financial products, ensuring compliance with stringent Shariah requirements.
AAOIFI is an independent international organization based in Bahrain that develops standards for the Islamic financial market, with over 200 standards currently in use across more than 50 countries.
The translated standards cover a broad range of aspects within Islamic finance, including banking operations, contracts, zakat (charitable giving), waqf (endowment funds), and debt settlement issues.
"Ongoing availability of AAOIFI’s standards in Russian bridges the gap between the international Islamic finance market and the emerging markets of the Eurasian region. We believe this step will set a benchmark model for the global market," said Omar Mustafa Ansari, Secretary-General of AAOIFI.
Experts predict significant growth in Islamic finance in the region in the coming years. According to an EDB study, Islamic banking assets in Central Asia could grow to $6.3 billion by 2033.
"This opens prospects for expanding the influence of the Islamic financial market and introducing new products that meet international standards," the press release added.
The AAOIFI standards cover key contracts in Islamic finance, collateral agreements, debt settlement, banking operations, zakat, waqf, and other critical areas.
The EDB, which supports this initiative, continues to actively promote economic integration among regional countries. To date, it has a portfolio of 326 projects with total investments amounting to $19.6 billion. Key priority sectors include transport infrastructure, green energy, digital technologies, and machine engineering.
