Moscow - Saba:
Russian VTB Bank announced its membership in the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a strategic move aimed at strengthening its presence in the Islamic finance market. The agreement was signed during the Kazan Forum "Russia and the Islamic World."
According to Sputnik, the cooperation with the Accounting and Auditing Organization for Islamic Financial Institutions is an important step for the Russian bank in expanding its activities in the field of Islamic finance. Through this cooperation, the bank will gain access to global expertise and the resources necessary to implement international Islamic finance standards in its banking practices.
The agreement was signed by Olga Pasha, VTB Board Member and Head of International Transaction Development and Infrastructure, and Shaikh Ebrahim bin Khalifa Al Khalifa, Chairman of the Board of Trustees of the Accounting and Auditing Organization for Islamic Financial Institutions.
Olga Pasha said, "We at VTB are exploring the possibility of expanding into the Islamic banking market. Joining the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) helps us develop the expertise needed to effectively launch Islamic finance and gives us the opportunity to expand our activities in this new field. We see opportunities in this cooperation not only for conventional banks, but also for developing international transactions involving the Muslim public."
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is the only organization working to standardize and harmonize global Islamic finance standards in the areas of accounting, auditing, ethics, and management. The organization also provides internationally recognized certifications for experts working in the Islamic finance sector.
The organization's members include central banks, financial market regulatory bodies, financial institutions, accounting firms, and legal consulting firms from various countries.
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