The Muftiate of Dagestan has established an expert council that will deal with issues of Islamic banking and conducting business in accordance with the principles of Sharia.
One of the council’s key objectives is reported to be to develop recommendations and guidance documents for banks and financial institutions wishing to follow Islamic financial principles.
The council will also provide advice and assistance to banks and entrepreneurs who wish to conduct business in accordance with the original principles of Islam.
As reported EADailyOn September 1, 2023, a two-year experiment for the development of Islamic banking in Russia began on the territory of Dagestan, Chechnya, Bashkortostan and Tatarstan.
