Islamic Bank to be created in Dagestan

Islamic Bank to be created in Dagestan


The possibility of creating a bank that provides products and services in accordance with the rules of Islam is being examined in Dagestan.  

This issue was discussed at the last meeting of the Ministry of Economy of the Republic. After the meeting, Minister of Economy and Regional Development Rayudin Yusufov instructed to create sites in Dagestan in order to test similar banking products 

"The basis of banking products and services of Islamic finances is fair compensation, mutual assistance, as well as an equal share both in loss and profit," the expert said.

As head of Sberbank in Dagestan Kazbek Kerimov said, a decision of the management of the central office is necessary for the introduction of such products, the portal of the North Caucasus reports.

It is expected that during the development of the Islamic Bank, the Dagestani authorities will use the experience of Tatarstan and Bashkortostan.

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