Four republics of Northern Caucasus plan to open offices of Islamic banking

The International Association of Islamic Business (IAIB), set up in Moscow, has stated preparation for opening its offices in Dagestan, Ingushetia, Kabardino-Balkaria and Karachay-Cherkessia for the development of halal businesses.

The IAIB opening ceremony was held on February 16 in the banquet hall of the Moscow "Golden Ring" Hotel.

The need to create the IAIB was felt long ago and had to do with the desire of investors from Muslim countries to invest into business in Russia, provided, however, the opportunities be created to avoid the activities prohibited by Islam, Marat Kabaev, a former football player, and now the founder and the head of the IAIB, told reporters before the ceremony.

"The opening ceremony of the IAIB is timed to the visit of Alabodi Khaled Mukhammed, the official of the Islamic Development Bank from the United Arab Emirates (UAE). We’d like to discuss with Sheikh Khaled the further promotion of Islamic banking in Russia. Investors, including the Islamic Development Bank, are willing to invest into ‘clean’ businesses, without usury. Meanwhile, many Muslim businessmen, including small and medium ones, would like to have development funds without resorting to interest loans," said Kabaev.

Full text of the article is available on the Russian page of 24/7 Internet agency ‘Caucasian Knot’.