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Dagestan plans to introduce mechanism of state support for business in accordance with Islamic norms

10 December 2021 19:59 Posted in:  BUSINESS
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Today on December 10, the Chairman of the republican Government Abdulpatakh Amirkhanov held a meeting with representatives of the initiative working group of the Agency for Entrepreneurship and Investment of the Republic of Dagestan on the issue of ethical (Islamic) finance.

Amirkhanov recalled that the Head of Dagestan, Sergei Melikov instructed to work out the issues of applying state support according to the norms of Islam in the republic. The working group has developed a mechanism for providing state support to entrepreneurs in accordance with ethical standards suitable for the entrepreneurs of all confessions.

This mechanism was developed with the participation of representatives of the regional Ministry of Justice and the Ministry of Finance in order to ensure the compliance with the norms of Russian legislation.

This is a financial product "murabaha", which is a commodity installment plan through a platform for the provision of ethical finance between a supplier and an entrepreneur. The main advantage is the absence of late fees, penalties and interest.

Amirkhanov supported this initiative, noting its relevance for the Republic of Dagestan, taking into account the entrepreneurial activity rate. The top official instructed the republican Agency for Entrepreneurship and Investment, together with the members of the working group to create a platform for providing instruments of ethical finance, to determine its form of ownership and the possibility of providing finances for the implementation of this instrument.



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