Chechen leader Ramzan Kadyrov and representatives of UAE’s Mazkorp company Hilal Suhail Hilal Rashid Al Mazrouei and Wael Saab have reached an agreement to open an Islamic bank in the republic.
Islamic banking implies banking operations in accordance with religious norms of Islam, In particular, interest on loans and financial speculations are banned.
Opening of the bank is of enormous value for the republic, Kadyrov said. Large properties are under development in Chechnya with participation of capital from the UAE. “Absence of Islamic banks is the only obstacle,” Kadyrov said.