VTB will join the Organization of Accounting and Auditing of Islamic Financial Institutions

VTB will become a member of the Organization of Accounting and Auditing of Islamic Financial Institutions (AAOIFI), the bank's press service said.

The agreement was signed within the framework of the XVI International Economic Forum "Russia — the Islamic World: Kazanforum 2025".

The agreement was signed by Olga Basha, Member of the Management Board and Head of VTB's International Settlements and Infrastructure Development Department, and Sheikh Ibrahim bin Khalifa Al Khalifa, Chairman of the Board of Trustees of the Organization for Accounting and Auditing of Islamic Financial Institutions.

"VTB is currently considering the possibility of operating in the Islamic banking market. In our opinion, membership in AAOIFI is important for the formation of the expertise necessary to launch partner financing, and will help us better unlock the potential of a new area for us. We see in it opportunities not only for classical banking, but also for the development of international settlements, including the Islamic audience," commented Olga Basha. The Bank will have access to the accumulated experience, resources and expertise of AAOIFI in the field of global standards of Islamic finance and their application in practice.