Kuala Lumpur, MALAYSIA – IFSB Secretary General Dr Ghiath Shabsigh received the Deputy Prime Minister, Shagiakhmetov Midhat Rafatovich, who is also the Minister of Economy of the Republic of Tatarstan and his delegation for a working visit at the IFSB headquarters in Kuala Lumpur, on 15 August 2024.
The discussions centred around Islamic finance, in particular deepening the understanding of the industry practice globally. The dialogue aligns with the Republic of Tatarstan’s ambition to lead the development of a Sharia-compliant market in Russia. The delegation was also briefed on the IFSB’s ongoing initiatives aimed at promoting stability and soundness in the Islamic financial services industry.
The IFSB, an international standard-setting organisation, reaffirmed its dedication to supporting the sustainable growth of Islamic finance by developing international standards, capacity-building programs, and facilitating dialogue among member jurisdictions. In widening the adoption of its standards among its member jurisdictions, IFSB produces its standards in Arabic and English, with translations into Russian and French. As of August 2024, IFSB has a 188 members from 58 countries.
This visit marks a significant step in strengthening the relationship between IFSB and the Republic of Tatarstan. The IFSB looks forward to continuing this fruitful partnership and working closely with the Republic of Tatarstan to harness the full potential of Islamic finance for the benefit of all stakeholders.
The IFSB extends its deepest appreciation to Deputy Prime Minister Shagiakhmetov Midhat Rafatovich and his delegation for the visit and the valuable insights shared. IFSB is confident that this engagement will pave the way for new avenues of cooperation and innovation in the field of Islamic finance.
