26^th February 2025, Kazan, Tatarstan, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions (CIBAFI), in collaboration with the Tatarstan Investment Development Agency (TIDA), successfully hosted a high-level strategic session titled "Prospects for Islamic Finance in the Russian Federation" in Kazan, Tatarstan.

The session brought together key stakeholders, industry leaders, and policymakers to shape the strategic direction of Islamic finance in the region and explore collaboration between the Russian Federation and established Islamic financial markets.

The event was inaugurated by Dr. Abdelilah Belatik, Secretary General of CIBAFI, and Mrs. Taliya Minullina, CEO of TIDA.

Dr. Belatik stated: "Islamic finance has strong growth potential, and collaboration between Russia and countries where it is well established can accelerate its development. It offers opportunities for economic growth by supporting real economic activities and promoting ethical finance. CIBAFI remains committed to this progress through advocacy, capacity building, and industry engagement. By strengthening human capital and refining regulations, we can drive sustainable growth that benefits the financial sector and the broader economy"

Ms. Minullina stated: “Our companies are actively working with Islamic countries, and while the use of Islamic financial instruments is still in its early stages, there is noticeable progress and significant potential for growth. It is crucial for us to establish a comprehensive infrastructure to accelerate this process. Today, we have launched a new training phase aimed at deepening the knowledge of our specialists and enhancing their capabilities for the future development of Islamic banking in Russia. It is important to note that this training is conducted by global experts with international professional standards.”

Following the opening remarks, Dr. Belatik provided a briefing on CIBAFI’s activities, emphasizing its role in advancing Islamic finance through advocacy, research, and capacity-building initiatives. The session then featured a panel discussion, where experts examined key challenges, opportunities, and regulatory considerations for the industry’s growth in Russia.

As part of its ongoing efforts, CIBAFI also launched a three-day Orientation Programme in Islamic Finance, offering a comprehensive understanding of Islamic finance principles, key financial products, and Shariah-compliant structures. The programme, facilitated by Dr. Ayman Sami Homoud, Group Chief Executive Officer, FEH Consulting combined theoretical knowledge with practical applications in Islamic finance, addressing emerging trends and regulatory developments.

In conjunction with the strategic session and training programme, Dr. Belatik held a productive meeting with H.E. Rustam Nurgaliyevich Minnikhanov, President of the Republic of Tatarstan, in Kazan. The meeting was also attended by Ms. Taliya Minullina, CEO of the TIDA, who represented the interests of the region’s investment and development initiatives. Discussions focused on key initiatives and potential avenues for collaboration in supporting Islamic finance and raising public awareness. The meeting concluded with strategic plans set to be implemented in the coming period.

This initiative reaffirms CIBAFI’s commitment to strengthening Islamic finance globally through capacity-building and industry collaboration.