As part of official visit of Dagestan delegation led by Prime Minister Abdulmuslim Abdulmuslimov to the Sultanate of Oman, the head of Dagestan's Agency for Entrepreneurship and Investment, Khadjimurad Israpilov, met with Khalid Jamal Al Kayed, the CEO of the Bank Nizwa.

Together with Raid Abdurakhmanov, a member of the expert council under the Government of the Russian Federation on the introduction of Islamic finance standards in the regions, the head of the Agency presented Dagestan's experience in developing partnership finance and spoke about the work of the newly established "Partnership Finance Fund".

"The Fund is a unique instrument that received a license from the Central Bank of the Russian Federation to carry out activities in the field of partnership financing. It is expected to become a driving force for the development of Islamic banking in the region.
The CEO of Bank Nizwa showed great interest in Dagestani experiment and expressed his willingness to cooperate. I am confident that cooperation will open new opportunities for the development of Dagestan economy and attract investment to our region" - Israpilov said.

The parties discussed the prospects of establishing a branch of Nizwa Bank in Dagestan and explored the possibility of using the existing licence of the Partnership Finance Fund for the implementation of joint projects. Nizwa Bank, in turn, agreed to submit its draft agreements to the Government of the Republic of Dagestan for consideration and further cooperation.

Following the discussion, it was anticipated that a delegation from the bank would visit the region to conduct a comprehensive market analysis and determine the operational framework. Additionally, it was agreed upon to organize training and professional development programs for the partnership financing specialists.