The HSE-Skolkovo Institute for Law and Development has signed an agreement with the International Association of Islamic Business.

The memorandum provides for the study of options for cooperation in the implementation of the goals of the Agrofinmost project, including: promoting the food security of Muslim countries; cooperation in the implementation of educational programs on Islamic finance and food exports at the HSE-Skolkovo Institute for Law and Development; implementation of partner financial instruments in the field of agricultural products trading on the international market, and a number of other elements.

The parties also agreed to assist each other in establishing contacts at the level of leadership of Islamic countries and organizations of the Muslim world.

Collaboration with the IAIB was launched this November during the 14th annual conference of the Organization for Accounting and Auditing of Islamic Financial Institutions (AAOIFI) and the World Bank in Manama, Bahrain, where the Institute held the session «Islamic Finance as a Tool for Food Security: the formation of a sustainable partnership between Russia and Muslim countries» and presented the project «Agrofinmost». Representatives of the IAIB took an active role in the discussion and expressed great interest in the further development of partnerships.

The Agrofinmost project offers practical solutions aimed at creating fair market prices for agricultural products. This will help ensure food security in the Middle East, on the one hand, and create fair conditions for international trade without speculation and on the basis of Islamic legal principles, on the other.

Recall that the Agrofinmost project is implemented by the HSE-Skolkovo Institute for Law and Development as part of a set of measures to develop competition in the agro-industrial complex, provided for by the National Competition Development Plan, approved by the President of Russia on December 21, 2017.