16:40, 28 September 2022 Page views 764 views

Sberbank to open first Islamic finance office in Kazan

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The office will provide services to retail and corporate clients. Partner financing products will be presented on the bank shelf, including mudaraba (an analogue of trust asset management), halal investment instruments, trade finance, bank guarantee, payment and current accounts, as well as cash services and more.

Based on the results of the pilot office operation, Sber will decide whether or not to replicate the project and open new outlets.

Oleg Ganeyev, Senior Vice President of Sberbank:

Over 1.5 million Muslims live in Tatarstan and there is an ever-growing demand for Islamic finance products. Having analyzed consumer demand, we decided to open the first partner financing office in Kazan. I am sure it will become one of the most popular Sber offices in Tatarstan, and the residents of the republic will become its first clients.”