Islamic bank to appear in Russia's Chechnya

An agreement has been reached in Groznyy, the capital of Russia's Chechen Republic, to open an Islamic bank in the republic, Chechen leader Ramzan Kadyrov said. Executives of Mazkorp company Hilal Suhail Hilal Rashid Al Mazrouei and Wael Saab came from the UAE and agreed to start implementing the project. 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. The decision was also made at the meeting with the management of Mazkorp on shareholding participation in development of Magnus-Groznyy pharmaceutical cluster to start next year and on investment into construction of Ahmat-Tower multifunctional high-rise property in the capital of Chechnya.