New initiative in North Caucasus the latest in a string of Russian Islamic banking projects

In early August 2020, Bilal Kurbanov, a top offi cial at the Dagestan Development Corporation, announced that his agency and the Dagestan Agency for Entrepreneurship and Investment would soon launch an Islamic banking project aimed at business customers. Dagestan is a region of rich history and heritage in Russia’s North Caucasus along the Caspian Sea. Over 80% of its three million people are Muslims. Kurbanov noted that his team had studied the experience of Islamic banking pilot programs in Chechnya as well as in Tatarstan, which with nearly four million inhabitants is Russia's largest Muslim-majority region. Managing Partner of Capital Legal Services Vladislav Zabrodin writes.

You can read an article published in "Islamic Finance News" here.