An annual conference devoted to Islamic banking and finance organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in partnership with the World Bank under the aegis of the Central Bank of Bahrain took place in the Kingdom's capital Manama between November 17 and 18.

The conference was attended by the director of the economics department of Russia Muftis Council, member of the Coordination Board of the Russian Association of Experts in Islamic Finance Madina Kalimullina, chairman of the Centre for the Development of Islamic Economy and Finance Bulat hazrat Milyukov and another RAEIF member, assistant professor of the Moscow State University Magomed Yandiev.

During the conference, head of RMC economics department Madina Kalimullina and RAEIF chairman Bulat hazrat Milyukov met with the new AAOIFI head Hamed Hassan Merah.

Madina Kalimullina briefly informed Dr Merah of the financial and economic projects organized under the auspices of RMC Chairman mufti sheikh Ravil Gaynutdin. The head of AAOIFI expressed his profound interest in the development of Islamic finance in Russian Federation and the legal status of the translations of shari'a standards into Russian, while also inquiring on the position of the Central Bank of Russia on this matter.

Bulat hazrat Milyukov, in his turn, told of the goals and programs of his organization that was created in partnership with Russia Muftis Council, which currently aims at popularizing information about Islamic economy and finance.

Both parties agreed to continue their cooperation.

RMC press service and Muslimeco.ru