AAOIFI publishes official Russian translation of Sharia standards

With the support of the Eurasian Development Bank, an official translation of AAOIFI Sharia standards into Russian has been published. The translation was prepared by the Centre for the Promotion of Islamic Finance and approved in accordance with the organisation's requirements.

This is a key regulatory document that defines Sharia requirements for Islamic financial products. The Russian-language edition is aimed at banks, investment funds, fintech companies, research institutes and other organisations in the CIS and Central Asia that operate or plan to operate in the Islamic finance segment.

This is the third edition of the full text of the standards in Russian for the Eurasian region and the second edition of the standards approved before 2021. The translation covers the entire list of documents — from 1 to 61 — and contains stylistic clarifications while preserving the structure and content of the original.

Part of the print run is planned to be donated to libraries and non-profit organisations.

"The Russian translation of the AAOIFI standards is a bridge between the international Islamic finance market and the developing market of the Eurasian region. We strive to make our standards accessible in all corners of the world, and the CIS region is an important and promising market for Islamic finance, capable of becoming a model for global markets," said AAOIFI Secretary General Omar Mustafa Ansari.

According to the EDB report ‘The Future of Islamic Finance in Central Asia,’ Islamic banking assets in the region could reach $6.3 billion by 2033. The publication of the official translation of the standards creates a regulatory framework for further market scaling and unification of practices in line with international requirements.