The full collection of the AAOIFI’s 57 shariah standards for Islamic finance approved until December 2016 has been published in Russian. The ceremony of the presentation of the standards’ demo version took place at the annual conference of the Organization in Manama, Bahrain, on 12 April 2017. This conference is a major international event related to shariah aspects of Islamic finance development. Representatives of shariah (ethics) boards of Islamic banks from different countries, representatives of regulating authorities and participants of Islamic financial market are taking part in the conference.
The opening ceremony of the conference ended with the presentation of the standards' Russian and French translations. In his welcoming speech the general secretary of the AAOIFI, Dr Hamed Merah, mentioned the important and tremendous job done by a group of experts while translating standards into Russian. Madina Kalimullina and Bulat Mulyukov received awards on behalf of Sheikh Rasheed Mohammed Al Maraj, chairman of the Central Bank of Bahrain, and Sheikh Ibrahim bin Khalifa al-Khalifa, chairman of the AAOIFI Board of Trustees, for their special contribution to the project implementation.
The standards cover a large array of Islamic financial contracts and products in banking, insurance, investment, financing etc.
The standards are widely popular in the global Islamic finance industry, and are deemed as most outstanding Shariah reference for market participants, including legislative bodies, regulating authorities, financial institutions and other professional entities such as law firms, accounting and consultancy firms, in addition to universities, academic institutions, research centres and fatwa issuing bodies.
According to Bulat Mulyukov, chairman of the Centre for Islamic Economics and Finance Development, “The AAOIFI standards are important both for financial experts and all entrepreneurs, since the standards define not only the norms related to finance and investment, but the general principles for concluding and implementing agreements in any field”.
The translation works were carried out under the agreement between the AAOIFI and the Russia Muftis Council, which had been signed in December 2015. The translation of the standards was accomplished with the expert support of the Russian Association of Experts in Islamic Finance (RAEIF) and the Centre for Islamic Economics and Finance Development (CIEFD).
Madina Kalimullina, project coordinator and advisor of the Russia Muftis Council’s chief of staff, said that the official presentation of standards with participation of the AAOIFI delegation is to be conducted this May in Russia and some CIS countries.