SHARIA CONTROL IN ISLAMIC FINANCE: AAOIFI STANDARD AND ITS IMPLEMENTATION PRACTICE (CASE STUDY OF THE SPIRITUAL ADMINISTRATION OF MUSLIMS OF THE REPUBLIC OF TATARSTAN)

  • D.D. Amerkhanov Russian Islamic Institute, Kazan, Russia
  • G.M. Iskhakova Kazan Federal University, Kazan, Russia
DOI: https://doi.org/10.34680/BENEFICIUM.2026.2(59).35-43

Abstract

The launch of the experimental regime for partnership (Islamic) financing in the Russian Federation has heightened the relevance of establishing an adequate Sharia control system. This study provides a comprehensive analysis of this issue by juxtaposing the international standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), specifically Standard No. 3 "Internal Sharia Control," with the unique practice developed in the Republic of Tatarstan by the Spiritual Administration of Muslims (SAM RT). This work represents the first professional Russian translation of AAOIFI governance standards for Islamic financial institutions. The article not only elaborates on the AAOIFI regulatory framework but also contextualizes it based on empirical data obtained from interviews with SAM RT practitioners. The research methodology incorporates comparative analysis and a systems approach. The findings reveal significant alignments between the SAM RT model and the benchmark AAOIFI requirements, as well as key systemic contradictions stemming from the Russian legal environment. The existence of potential domestic demand for partnership-based financial instruments justifies the expansion of their supply. Consequently, the question arises of forming a system of internal Sharia control specifically for Islamic financial institutions within the partnership (Islamic) financing experiment. Based on the integrated analysis, a concept for adapting international standards to build a national Sharia oversight system has been developed, comprising specific recommendations for regulators and financial market participants. The article contributes to the development of Islamic finance theory and practice in Russia, proposing a scientifically grounded path for the legitimization and sustainable development of this sector.

Keywords: AAOIFI, Internal Sharia Audit, Spiritual Administration of Muslims of the Republic of Tatarstan (SAM RT), Islamic Finance, Partnership Financing, Sharia Supervisory Board, Sharia Compliance (or Sharia Control)

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About the Authors

Danir D. Amerkhanov – Specialist at the Russian Center for Islamic Economics and Finance, Russian Islamic Institute, Kazan, Russia. E-mail: Amerkhanov-d@mail.ru. ORCID 0009-0001-7031-9557

Gulia M. Iskhakova – Senior lecturer, Kazan Federal University, Kazan, Russia. E-mail: Gulia1201@yandex.ru. SPIN РИНЦ 1239-5674. ORCID 0000-0002-8586-2624. Researcher ID AAE-9885-2022. Scopus Author 57195955478

For citation: Amerkhanov D.D., Iskhakova G.M. Sharia Control in Islamic Finance: AAOIFI Standard and Its Implementation Practice (Case Study of the Spiritual Administration of Muslims of the Republic of Tatarstan) // BENEFICIUM. 2026. Vol. 2(59). Pp. 35-43. (In Russ.). DOI: 10.34680/BENEFICIUM.2026.2(59).35-43

Published
2026-06-05
Issue
No 2 (2026)
Section
TRANSFORMATION OF SOCIAL AND ECONOMIC SYSTEM