HSE University and Banking and Finance Academy of Uzbekistan Sign Memorandum on Scientific Cooperation
The partnership aims to foster academic collaboration in the fields of global economics, sustainable development, and Islamic finance. Strengthening academic ties with Uzbekistan represents a promising direction for scientific exchanges and the implementation of international projects in sustainable development.
The document formalises the parties’ intention to conduct joint research in global economics, sustainable development, and Islamic finance, to organise academic events, and to implement continuing professional education programmes.
The agreement continues a long-standing collaboration between the two universities. In 2023, HSE University and the Banking and Finance Academy of Uzbekistan signed an agreement under which several educational initiatives were developed through the university’s Perm campus. The new memorandum expands the scope of the partnership to include joint work in scientific research and professional education.
One of the key areas of cooperation will be the development of research in Islamic (partnership-based) finance. In recent years, this field has been actively evolving at HSE University: the university has been hosting international seminars and research projects devoted to the specific features of the Islamic financial system, its potential for the Russian economy, and its role in international cooperation.
At the HSE Faculty of World Economy and International Affairs, several initiatives have been launched to study international experience and the legal aspects of Islamic financial instruments. In 2020–2021, a joint project with the University of Tehran entitled ‘Russia and Iran: Islamic Finance and Energy Cooperation’ was implemented. In 2023, HSE University’s online campus launched a course called ‘Islamic Finance: Theory and Practice in the 21st Century,’ and in 2024, the Laboratory for Contemporary Iranian Study completed a study on the Russian Islamic finance market. The international research seminar ‘Fundamentals of Corporate Governance in the Islamic Financial System,’ which brought together participants from Azerbaijan, Qatar, Uzbekistan, and Singapore, became the first platform for scholarly discussion of the topic.
In April 2025, as part of the 25th Yasin (April) International Academic Conference, a round table titled ‘Islamic Finance in Russia and Worldwide: General Trends and Key Patterns’ was held, where participants discussed legislative, regulatory, and developmental issues of Islamic finance in Russia and BRICS countries.
The memorandum with the Banking and Finance Academy of Uzbekistan marks a new stage in strengthening academic partnership and combining the scientific expertise of both universities.
The document was signed in October 2025 in Uzbekistan during the international conference ‘Reimagining Finance: Pathways to Resilient and Inclusive Systems,’ organised by the Banking and Finance Academy. Representatives of HSE University took part in the event.
Anastasia Podrugina
At the round table ‘Partnership Finance: Ready for Growth,’ Anastasia Podrugina, Head of the Group for Structural Issues in the World Economy at the Centre for Comprehensive European and International Studies (CCEIS) of the HSE Faculty of World Economy and International Affairs, delivered a presentation titled ‘Approaches to an Alternative International Financial System.’ She spoke about the evolution of global financial architectures and possible models for their transformation in light of modern challenges to development and growth. Her report presented the findings of a research project titled ‘International Academic Cooperation: Approaches to an Alternative International Monetary System.’
Elmira Imamkulieva
Elmira Imamkulieva, Head of the Laboratory for Contemporary Iranian Studies and Academic Supervisor of the Master’s in Modern Asian and MENA Studies, presented a paper titled ‘Legal Aspects of Integrating Islamic Financial Instruments in the Russian Federation (the ESG Sukuk Case).’ She examined the legal and institutional preconditions for introducing Islamic finance in Russia, as well as its connection with the principles of sustainable investment.
Igor Turuev
Igor Turuev, Visiting Lecturer at the School of Asian Studies, delivered a presentation titled ‘Conversion of Sovereign Debt into Islamic Securities (Sukuk) as a Tool for Resolving Debt Issues in the Global South.’ He offered an analytical overview of debt restructuring mechanisms based on Islamic financial instruments.
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