Steps for Developing Islamic Finance in Chechnya - Assalamu Alaikum
Assalamu alaikum. Partner financing (Islamic financing) is becoming a key direction for the development of the banking system in Chechnya, said Ruslan Mizaev, the head of the Chechen branch of the South-Western Bank of PJSC "Sberbank," at the republican forum "Honest Finance - Honest Business" in Grozny.
Representatives from business, government, banks, and the clergy were present at the meeting: the vice-speaker of the Parliament of the Chechen Republic Adnan Nagayev, the deputy mufti of the Chechen Republic and head of the fatwas department Dinmagomed Mukhtarov, the head of the parliament committee on budgets, banks, and taxes Isa Bisaev, advisor to the manager of the National Bank for the Chechen Republic Isa Tamaev, the head of the Islamic financing office in the Chechen Republic Shamkhan Umarov, advisor to the mufti on Islamic finance Alhazur Tazbaev, and other guests.
Participants focused on the development of Islamic banking and partner financing in the region, paying attention to the implementation of digital technologies to strengthen trust between financial structures and entrepreneurs.
"This model is built on mutual trust and fairness. It opens up new opportunities for entrepreneurs, promotes sustainable growth, and strengthens the business reputation of banks," Mizaev noted.
Shamkhan Umarov, head of the Islamic financing office in the Chechen Republic, emphasized the strong interest of entrepreneurs in Islamic financial instruments.
The importance of continuing joint work on the development of Islamic banking, expanding partner offices, and increasing the financial literacy of the population was highlighted. One of the priority tasks recognized was to foster a culture of trust in the economy of Chechnya.
Earlier, a trilateral agreement was signed to improve the financial literacy of the population in the Chechen Republic - the document was signed by the Spiritual Administration of Muslims of Chechnya, the branch of the Bank of Russia for the republic, and the Ministry of Finance of the Chechen Republic.
Just a short reminder: Islam came in the 7th century and had a significant impact on the history, culture, and social life of many peoples. The word "Islam" in Arabic means submission to the will of Allah. Today, our ummah counts more than a billion people.
Peace be upon you and blessings from Allah.
https://islamnews.ru/2025/10/2