GENERICO.ruEconomicsSberbank plans to take part in Islamic banking experiment

Sberbank plans to take part in Islamic banking experiment

MOSCOW, September 1 Sberbank plans to participate in an experiment on the introduction of Islamic finance and open new offices, primarily in regions with a high proportion of Muslim population, and will also a special focus on Moscow, the bank's press service said.
From September 1, a two-year experiment on the introduction of Islamic banking will start in Dagestan, Chechnya, Bashkiria and Tatarstan. The authorities of the Russian Federation adopted the relevant law this summer. In December last year, Sberbank opened Russia's first Islamic finance office in Kazan.

“Of course, we plan to participate in the experiment and open new flagship partner financing offices, first of all, we are considering regions with a high proportion of the Muslim population, and these are: the Republic of Tatarstan, the Republic of Bashkortostan, the Chechen Republic, the Republic of Dagestan and the republics of the North Caucasus; as well as a special focus to Moscow,” Sberbank reported.

They noted that the entire infrastructure for the provision of Islamic banking services has been created. Thus, the bank already offers debit cards, Aman's current account, Islamic settlement and cash services for legal entities, trade finance, investment products – the Halal Investments trust management strategy and the Halal Investments exchange mutual fund.
“We plan to expand the range of our services, first of all, one of the most popular products – Islamic mortgage and lending,” the message says.
Sber added that all of their products are certified and comply with the international standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI, a Bahrain-based non-profit organization established to maintain and promote Sharia standards for Islamic financial institutions).
Partnership or Islamic banking is an alternative type of financial services that comply with the principles of financing, which is widely used in the countries of Southeast Asia and the Middle East. The main feature of financial services in affiliate banking is the rejection of loan interest, high-risk transactions and transactions with uncertainty.


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