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Russias Sberbank plans no Islamic banking services soon


Prime News

Russia’s top lender Sberbank does not plan to provide Islamic banking services in the short term, but may establish a special financial company for the purpose, a representative of Sberbank told PRIME Tuesday.
“It is very likely that we will form a special financial company, possibly in the form of a joint venture, as a pilot project for creation of a basis site that will provide corresponding services to clients. We are now studying the possibility,” the representative said.

Maxim Osintsev, head of a sector for cooperation with Chinese banks at Sberbank CIB, told PRIME that launching Islamic banking will require changes in Russian civil, financial and tax legislation.

“This is why it is impossible in the nearest future. We are planning a pilot project now, a client deal. If corporate and private clients show interest in pilot projects and natural development of the business, we may launch standard products in the future, including the issue of banking cards, different types of corporate and retail loans, and project financing,” he said.