From February 1, Dagestan will be the first region in Russia to launch Islamic banking on a trial basis. This project is being implemented with the support of the Bank of Russia. Sergey Melikov, the head of Dagestan, believes this system will be beneficial to the citizens of the region. "Islamic banking provides a way for people to receive funds to improve their living conditions, increase their wellbeing, and develop their businesses. This is an additional measure that will also help to promote entrepreneurship," he stated. 

Islamic banking is a system of banking that adheres to the spirit, principles, and values of Islam as outlined by Islamic Shariah. Moreover, it is a form of interest-free banking, meaning that it does not involve charging interest on transactions. 

Previously, Ramzan Kadyrov, the head of Chechnya, expressed his approval for the State Duma of Russia's adoption of the bill on Islamic banking in four regions of Russia. He noted that it was his request to Russian President Vladimir Putin for the development of Islamic banking that led to this outcome.