Kadyrov agreed with Mazkorp to open an Islamic Bank in Chechnya

Kadyrov agreed with Mazkorp to open an Islamic Bank in Chechnya


The opening of a credit institution based on Islamic banking principles, is of great importance for Chechnya, said the head of the Republic Ramzan Kadyrov.

MOSCOW, 28 Dec -. The head of Chechnya Ramzan Kadyrov at a meeting with leaders of the company Mazkorp from the UAE have agreed to begin implementation of project opening in Grozny of the credit organization based on the principles of Islamic banking.

“Today I had an important business meeting. From the UAE was attended by the leaders of the firm Mazkorp 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.

Dear friends! Today I had an important business meeting. From the UAE was attended by the leaders of the firm MAZKORP 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 proceed with the project. For Chechnya, the opening Bank is of great importance. In the Republic the construction of large facilities involving capital of the Emirates. The only obstacle is the lack of Islamic banks. МАZCORP also intends to take equity participation in the construction of a pharmaceutical cluster “Magnus-Ivan” and to make certain investments in the construction of a multifunctional high-rise complex “Akhmat tower”. #Kadyrov #Russia #Chechnya #UAE

Photos published God is Great!!! (@kadyrov_95) Jan 28th 2016 at 7:06 PST

He noted that Chechnya the opening Bank is of great importance. The Republic is the construction of large projects with participation of capital from the UAE. The only obstacle, he said, is the lack of banks operating on the principles of Islamic Finance.

“Маzcorp also intends to take equity participation in the construction of a pharmaceutical cluster “Magnus-Ivan” and to make certain investments in the construction of a multifunctional high-rise complex “Akhmat tower”,” – wrote the head of Chechnya.

Islamic banking — form of banking principles, consistent with the rules of Islam. For example, in Islamic Finance may not charge interest or invest in the sale of alcohol and the industry of “low feelings” (in particular, gambling).