IslamicFinance.de

Chechen President Ramzan Kadyrov plans to open an Islamic bank, with help from the United Arab Emirates. Kadyrov is known for his conservative, heavy-handed response to dissent against his rule and that of Russian President Vladimir Putin, recently calling for the Russian opposition to be tried as “enemies of the state.” Kadyrov has repeatedly portrayed himself as a protector of moderate Islam in the primarily Muslim Chechnya. Now Kadyrov has revealed that he is setting up a new project to attract more investment from the Gulf. He said he had spoken with Abu Dhabi-based development company Mazcorp and it had agreed to help him “move towards the realization of the project.”