As part of its efforts to promote Islamic finance around the world, the Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Dr. Mohamad Nedal Alchaar, together with representatives of the Ministry Finance, the Central Bank and the Grand Mufti of the Shura Council of Russian Muftis, has met in the Russian capital Moscow with the Russian Association of Experts in Islamic Finance.

Dr. Alchaar added that "AAOIFI had previously signed an agreement with the Shura Council of Russian Muftis on the translation of key AAOIFI Shari'a standards to the Russian language, including Sukuks, Murabaha, Islamic insurance, Ijarah, Mudharaba and Musharaka which helped the Russian financial institutions in their efforts to develop an Islamic finance industry there".

Dr. Alchaar also highlighted the importance of "establishing a suitable legal and regulatory environment to help accomodate and promote the Islamic financial industry in Russia, in the same way as some other countries such as Britain and Singapore have done (and also France which is currently considering ways to accommodate Islamic banking)", noting that the "Islamic Sukuks in particular have a promising market in the Russian economy."