In Chechnya appears Islamic Bank

GROZNY, January 28. In Grozny, an agreement was reached on opening in Republic Islamic Bank, said the head of Chechnya Ramzan Kadyrov.

“From the UAE was attended by the leaders of the firm Mazсorp Helal Hilal Suhail Rashid Almazrouei and Wael Saab. We discussed the task of opening Islamic Bank in Grozny. The question pre-planned. At this meeting we agreed to begin implementation of the project”, – wrote Kadyrov on his page in the social network Instagram.

He stressed that for the Republic the opening of the Bank is of great importance. In Chechnya is the construction of large projects with participation of capital from the UAE. “The only obstacle is the lack of Islamic banks”, – said Kadyrov. The time frame of the project implementation the head of the region reported.

During the meeting with the leadership Mazkorp it was also decided on the equity participation in the construction of a pharmaceutical cluster “Magnus-Ivan”, the construction of which will begin next year, as well as investments in the construction of a multifunctional high-rise complex “Akhmat tower”, which is being built in the Chechen capital.

Islamic banking involves conducting banking activities in accordance with religious norms of Islam. In particular, it is prohibited interest rates and various financial speculation.