FBK Partner Ildar Safiulin Speaks at XVI International Economic Forum ‘Russia – Islamic World: KAZANFORUM’

From 13 to 18 May 2025, Kazan hosted the International Economic Forum ‘Russia – Islamic World: KAZANFORUM’ focused on economic collaboration between the Russian Federation and Islamic world nations. Key topics in the forum’s broad agenda included digitalisation and the development of trade and economic relations.

FBK Partner Ildar Safiulin delivered a speech on the potential use of digital assets and cryptocurrencies in Islamic finance. He touched upon:

• the global status of cryptocurrencies;

• the position of DFAs (digital financial assets) and cryptocurrencies in Russia;

• compliance with Islamic finance principles in DFA usage;

• assessment of prospects for cryptocurrency adoption by Islamic religious communities;

• experience from Russia’s first DFA issuance under a partnership financing programme;

• development of trading infrastructure and legislation in the field of DFAs and cryptocurrencies.

"DFAs and cryptocurrencies are no longer met with scepticism and are increasingly seen as progressive financial instruments. With proper regulation and legislative development, they could rival traditional financial tools. This is understood both in Russia, where the DFA market is gaining momentum yearly – and in the Islamic world" Ildar Safiulin noted.