MAKHACHKALA, February 18 – RIA "Dagestan". A new center for Islamic-compliant financial services "Kumek" has commenced operations in the Republic of Dagestan under the patronage of the regional Muftiate. The center provides residents with financing options for purchasing goods and services that conform to Islamic principles, operating within the framework of Russian legislation.
The opening ceremony was attended by representatives of the Muftiate, regional government agencies and the Central Bank of Russia. Experts suggest the initiative may improve access to financing for local residents and contribute to the development of Islamic finance instruments in the region.
A distinctive aspect of the "Kumek" project is that all profits generated are directed to the charitable foundation "Insan" giving the initiative a dual financial and social orientation.