In the first reading, Ramzan Kadyrov, the head of Chechnya, commented on the adoption of the bill on Islamic banking in four regions of Russia by the State Duma of Russia. According to him, the development of Islamic banking was a request with which he turned to Russian President Vladimir Putin.

"Friends, earlier, I sent a written appeal to Russian President Vladimir Putin with a proposal to introduce additional measures to support small and medium-sized businesses in the country. My initiative - the development of Islamic banking - was supported by the head of state. This will increase the availability of financial services for Muslims and citizens of other faiths," Kadyrov added.

The head of Chechnya wrote that he was pleased to learn that the State Duma adopted in the first reading of the bill "On experimenting with establishing special regulations to create the necessary conditions for partner financing activities in certain regions of the Russian Federation." Four regions of Russia were chosen as pilots: the Chechen Republic, Dagestan, Tatarstan, and Bashkortostan. They will host an experiment to create a banking system to the norms of Islam.

"We have a wealth of experience implementing individual projects based on partnership financing models. In simple terms, such a banking system has been practiced in the Chechen Republic over the past few years and is bearing good fruit. However, its further development is hindered by legal uncertainty. I believe that the legislatively approved initiative will increase the financial involvement of the population and create a new area of banking activity that does not contradict the norms of religion. By the way, this system has long proved its effectiveness in the countries of the Islamic world," Kadyrov emphasized.

He expressed confidence that creating such a mechanism in Russia will give a real impetus to relations with the Organization of Islamic Cooperation countries and will also contribute to the emergence of an alternative payment system in the country.

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