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Sberbank is happy with results of pilot Islamic banking projects in Tatarstan

October 13, 18:55 UTC+3 MAGAS

Sberbank finds such projects feasible in other regions

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MAGAS, October 13. /TASS/. Sberbank has successfully tested pilot projects for introduction of the Islamic banking in Russia’s republic of Tatarstan, Vice-President of Sberbank Igor Bulantsev told TASS.

He added that Sberbank finds such projects feasible in other regions, for example in the North Caucasus Federal District.

"In Tatarstan we launched pilot projects, they are successful, and we plan to develop this practice in particular in North Caucasus ... In Tatarstan ... we needed to sort it out in with the legislation first of all, how to bring the legislative base in line with it (Islamic banking), to make pilot deals. We see that it is realistic, and we will spread such projects further," Bulantsev said. He did not specify when Islamic banking projects will be launched in the Caucasus.

Unlike traditional banking "Islamic banking" implies that banks do not provide loans to businesses at interest but invest money in their projects. Entrepreneur who carries out the project and the bank share the profits and risks. Islamic banking is widely applied in Southeastern Asia and on the Middle East.

According to Sberbank experts, the profitability of such banks reaches almost 13%. By 2021, the volume of bank assets within the framework of partner financing will be almost $3 trillion, the volume of insurance operations will grow from the current $25 bln to $32 bln.

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