The Bank of Russia has officially joined the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) as part of the 'regulatory and supervisory authorities' category. This development was marked by the signing of a memorandum of understanding between the two entities.
This agreement grants the Bank of Russia access to AAOIFI's database of partnership financing standards. It also provides technical assistance to adapt these standards to Russian practices and implement them effectively. Furthermore, it allows Russia to participate in AAOIFI personnel training programs and exchange experiences with other members.
AAOIFI is recognized as the sole international organization dedicated to standardizing and harmonizing global practices in partnership financing. Its focus areas include accounting, auditing, ethics, and governance for financial products and institutions offering them. Since its inception, AAOIFI has issued 117 standards and technical regulations. Additionally, it certifies the qualifications and competencies of experts in partnership financing.
The organization's institutional members comprise central banks, securities market regulators, financial institutions, as well as accounting, auditing, and law firms from over 45 countries.