These days, Dagestan is hosting for the first time the International Premium Real Estate Forum., A panel discussion on the issues and aspects related to introduction and expansion of Islamic banking products in the region took place as part of the event.

The representatives of Dagestan Agency for Entrepreneurship and Investment, the Muftiat of the Republic of Dagestan, several financial institutions and the business community acted as the speakers on the topic.

Khadzhimurad Aliyev, advisor to the Head of Dagestan Entrepreneurship and Investment Agency, noted that Dagestan was one of the four participating regions in the pilot project aimed at establishing an experiment with Islamic banking.
“Pursuant to the directives issued by the Government of the Republic of Dagestan, a non-profit organization called the Partnership Fund of the Republic of Dagestan was established on the premises of our institution. This fund will operate in accordance with the principles of Sharia law. In October 2024, the fund was officially registered with the Central Bank as a participant in an experimental program. Furthermore, we are actively engaged in the process of integrating regional organizations that support small and medium-sized businesses, such as the Guarantee Fund of the Republic of Dagestan and DagAgroLeasing JSC, into this experimental framework” - Aliyev says.

As to Aliyev, a comprehensive roadmap for the period 2024–2025 is currently being implemented within the framework of a pilot project in the republic. This roadmap encompasses a series of measures aimed at enhancing public and business awareness and financial literacy in the realm of partnership financing.

The religious community representatives highlighted the fact that numerous universities in the region incorporated courses on Islamic finance into their curricula. Additionally, the Fatwa Department of Dagestan Muftiate published fatwas addressing critical questions regarding permissible trade and economic practices that align with Sharia principles.

Moreover, a dedicated section dedicated to presentations of banking products designed within the Islamic Banking Project allowed conference participants to delve deeper into these offerings and pose inquiries.