Bank of Russia joins AAOIFI – international organisation for partnership financing standards
The Bank of Russia has joined the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in the category of ‘regulatory and supervisory authorities’ and signed a memorandum of understanding with it.
The agreement provides access to the database of partnership financing standards and grants the right to receive technical assistance in adapting these standards to the Russian practices and implementing them. In addition, Russia will be able to take part in AAOIFI personnel training programmes and exchange experience with all of its members.
AAOIFI is the only international organisation working to standardise and harmonise international practices of partnership financing in terms of accounting, auditing, ethics and governance for financial products and institutions offering them. Since its establishment, the organisation has issued 117 standards and technical regulations. AAOIFI also certifies the qualifications and competencies of partnership financing experts.
Institutional members of AAOIFI include central banks, securities market regulators, financial institutions as well as accounting, auditing and law firms from over 45 countries.