Islamic Bank to be established in Dagestan

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Makhachkala, October 7, 2015. In Dagestan, the economic specialists study the possibility to establish an Islamic bank, where banking products and services will be provided in accordance with the rules of Sharia, a source in Dagestan ministry of economy informs.

As it is reported, Dagestan minister of economy and regional development Rayudin Yussufov instructed to create relevant platforms for testing similar banking products in the republic.  "The basis for the Islamic banking products and services makes fair compensation, mutual assistance, as well as the equal share in the losses and profits" - the expert noted.

As to the head of Dagestan branch of the Sberbank of Russia Kazbek Kerimov, the top managers had already taken a decision for the introduction of such products. While developing Islamic Bank in the republic, Dagestani authorities will adopt experience of Tatarstan and Bashkortostan.

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