Sberbank opened Russia's first partner financing office in Kazan

01 December 2022

Sberbank has opened Russia's first partner financing office in Kazan, allowing Muslims to receive banking services in accordance with the requirements of Russian legislation and the norms of Sharia, RIA Novosti reported.

Tatarstan President Rustam Minnikhanov, Sberbank Deputy Chairman Stanislav Kuznetsov and Sberbank Senior Vice President Oleg Ganeev took part in the event.

"Today is a great event for our country: for the first time such a center of Islamic banking appeared here thanks to Sberbank. This allows the Muslims of the republic to receive banking services that meet the requirements of Russian legislation and the norms of Sharia," Minnikhanov told reporters.

The head of the republic reminded that more than half of Tatarstan's population is Muslim and, therefore, partner banking will be in demand in the republic. According to him, several accounts have already been opened in the new office on the first day. "Today there is already a drafted law, and we hope it will be adopted soon," Minnikhanov added.

He also noted that Russia attaches great importance to strengthening friendly relations with Muslim countries. A promising direction of trade and economic cooperation is the system of Islamic financing. According to Minnikhanov, such a model can act as an alternative to Western capital markets and trading platforms.

"We are pleased to open Russia's first partner financing office in the capital of Tatarstan, where we see a growing demand for Islamic financial products and services. By increasing the availability of partner financing products, we are thus developing and popularizing this area among the bank's clients," said Sberbank's senior vice president. Ganeev also noted that the approaches and solutions applied to the Kazan office of partner financing will be replicated in other regions of the country.

The new office will serve retail and corporate clients. Among the products offered at the office are mudaraba (an analogue of asset management), halal investment instruments, trade finance, a bank guarantee, and others.

The office is organized and decorated according to all Sharia rules. In addition to working areas, it has a prayer room, its own coffee shop, an exposition devoted to the history of Islam in Russia, and a store with souvenirs.



GSV "Russia - Islamic World"

Photo: Sberbank

Based on materials from RIA Novosti