Sberbank and the Religious Board of Muslims of the Republic of Tatarstan (RBM) have agreed to collaborate on developing the sector of partnership-based financing in the republic. The cooperation agreement was signed during a meeting of the regional Ministry of Economy, TASS reports.
"Sberbank and the RBM of the Republic of Tatarstan have signed a cooperation agreement. The parties have agreed to work together to promote and develop the partnership financing sector in the republic," Sberbank's press service stated.
As part of this collaboration, Sber has received fatwas from RBM Tatarstan approving several partnership financing products, including the "Amana" settlement account, the "Adafa" debit card, Islamic settlement and cash services, "Murabaha" factoring, and "Murabaha" mortgage financing.
The pilot program for implementing partnership (Islamic) financing has been in effect since September 1, 2023, in Tatarstan, Bashkortostan, Dagestan, and Chechnya. Islamic banking operates in accordance with Sharia principles, prohibiting interest-based transactions and emphasizing ethical financial practices.
GSV "Russia - Islamic World"
Photo: Sber
Based on TASS materials