Sberbank may start providing services of Islamic banking in its branches. In an interview with Rambler News Service said senior Vice President, acting head of Sberbank CIB Igor Bulantsev.
According to him, now the credit organization considering establishing a joint venture with Tatarstan or special Windows services in Moscow offices and in the regions of Russia with a Muslim population.
It is planned that the first test transaction according to the rules of Islamic banking could take place in September-October this year. “The timing of its execution will depend on how the work would move forward with partners, from our joint work with the regulator and other factors,” said Bulantsev. The services of Islamic banking are primarily interested in companies from Tatarstan, he said.
On 20 may, the head of Tatarstan Rustam Minnikhanov expressed satisfaction with the fact that the Islamic Finance sector today is one of the fastest growing in the world. Annual growth is 15-20 percent.
On the same day, Deputy Chairman of the Federation Council Yevgeny Bushmin said that the Bank of Russia and the legislation is not ready for the spread of Islamic banking.
Principles of Islamic banking prohibit speculation and interest rates, and financing transactions with alcohol and tobacco. Credit institutions operating on Shariah, directly receive income from the profits of the business projects in which to invest.
