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The Russian Federation Ambassador to the Kingdom of Bahrain d. Alexei Screen that Bahrain’s participation in the “Kazan 2025” forum scheduled for mid -May will strengthen mutual cooperation between the two brotherly countries, and contribute to activating the great potential owned by Arab countries and Russia in Islamic finance.
In a statement to “Al -Watan”, Skosiriv expressed his pride in the accelerated pace in increasing cooperation between Russia and the Islamic Cooperation Organization in the field of Islamic finance, which reflects a close path and approach indicating mutual interest in strengthening economic relations and launching projects on the basis of the principles of Islamic Sharia.
The Russian ambassador noted that Russia has launched an experimental project for Islamic banking in four Russian regions: Tatarstan, Bashkurtustan, Chechnya and Dagestan at the beginning of September of the year 2023.
He said that this project aims to test new mechanisms for banking work with Islamic law, and at the same time it shows Russia’s readiness to coordinate its financial system with international standards.
Skosiriv explained that a legal framework for Islamic financing principles has been established that excludes benefits and financing activities that are not agreed with Islamic law, and the Russian Central Bank has also developed organizational regulations that regulate the work of the concerned authorities and the mechanism of implementation of operations, as well as establishing a special record to ensure transparency and control, explaining that rules were approved to use tools such as Murabaha, Ijara, participation, and sukuk.
He added: «Moreover, the Central Bank cooperates with the Accounting and Review Authority for Islamic Financial Institutions (AAOIFI), which contributes to adopting international best practices in this field, and these steps contribute to establishing an organizational and legislative environment that is in line with international standards, and opens promising horizons to enhance economic cooperation with the Islamic world.
The ambassador of the Russian Federation stressed that the organization of the international forum “Russia – the Islamic World: Kazan 2025 Forum” is of special importance, as it constitutes a prominent platform to discuss and develop joint projects.
He said: “I am confident that the participation of Bahraini delegations in it will enhance mutual cooperation and contribute to activating the great capabilities that Arab and Russian countries in the field of Islamic finance possess.”
The sixteenth edition of the Kazan International Economy Forum is held 2025 «Russia – the Islamic World» during the period from May 13 to 18, in the context of enhancing economic cooperation between Russia and the countries of the Islamic world, and the forum, which started for the first time in 2009, is a vital platform for discussing current issues and implementing joint projects, and presenting investment opportunities.
