Russia's Sber Bank launch Islamic banking services

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Sberbank, the largest bank in Russia, has identified the regions in which its pilot project to provide banking services that comply with Islamic law will be launched.

The Bank is looking at three Russian regions to experience the project, the Republic of Tatarstan, Chechnya and Bashkiria, which are a Muslim majority, according to Behnam Gurbanzade, the adviser of the vice-chairman of Sperbank, during the economic summit of Russia and the Islamic world that it took place in Kazan, the capital city of the Russian federation, Republic of Tatarstan.

He added that the project is expected to be ready for testing by the end of July, under which the bank will provide loans and accept deposits from the population according to Islamic law.

The Islamic banking market is a promising market in Russia, where Muslims are 29 million, which are 20 percent of Russia’s population.

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