Thursday 17 January 2019 \

 

Prospects for Islamic financial system discussed in Chechnya

A regular session on “Islamic Finance as a Direction for the Development of the Financial System of the North Caucasus” was held at the Ministry of Finance of Chechnya.
 
The event, organized by the Ministry of Economic, Territorial Development and Trade of the Chechen Republic, was attended by representatives of banks operating in the republic, as well as Islamic financial companies.
 
According to many experts the establishment and development of Islamic finance, not only in the North Caucasus, but also in Russia as a whole, is very important for ensuring sustainable economic development.
 
As noted by the participants of the meeting, the region became attractive not only for foreign investors, including from Arab countries, but the attitude towards the Islamic financial segment is changing as a whole, which is why the experts discussed the next steps to be taken to develop the Islamic finance sector in the North Caucasus Federal District.
 
This is primarily due to the increase in financial literacy of the population in matters of Islamic finance. The development of financial services that meet the standards of Islam will help increase the level of incomes of the population and investments in the economy, which will be a key factor in the growth of the economy as a whole, the press service of the Ministry of Finance of the Chechen Republic reports.
 

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