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Sberbank reiterates plans to test Islamic banking in Russia’s republic of Tatarstan

Sberbank wants to establish a testing site on the basis of the Central Bank in the republic of Tatarstan

KAZAN, May 11. /TASS/. Russia’s largest savings bank Sberbank wants to set up a testing site on the base of the bank of Russia in the republic of Tatarstan to develop Islamic banking, Bekhnam Gurban-Zade, adviser of the Deputy CEO of Sberbank told TASS.

Speaking on the sidelines of the 10th international economic summit "Russia-Islamic world KazanSummit 2018" he said:

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"We want this site to be established on the basis of the Central Bank in the republic of Tatarstan, so that it is possible to test Islamic (banking) products and services," he said.

In February, Oleg Ganeev, deputy chairman of Sberbank's board told reporters that the banks was considering an option to launch the so-called "Islamic windows" in its offices to serve customers of Islamic banking in the near future.

"We are currently working with KPMG on Islamic windows, they are preparing a strategy for us, how and where to open them and what products to offer. In think that in June we will have the strategy and will be developing the relevant plan of activities. We will start from Kazan, Grozny and Ufa," Gurban-Zade said.

About Islamic banking

Distinct from traditional banking, Islamic financing implies that banks do not provide loans to businesses at interest but invest money in their projects. Entrepreneurs carrying out projects and banks share the profits and risks. Islamic banking is widely applied in Southeastern Asia and in the Middle East.

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