Sberbank intends to test Islamic banking in Tatarstan. This was reported in the credit institution. It is known that at the moment has already begun preparatory work. “Specially created working group works above the the structuring of Islamic banking products in framework of the current legislation.” – the Sberbank notes. In August representatives of Sberbank said that no plans to provide in the near future of Islamic banking services. At the same time it was reported that Sberbank will take part in the creation of a separate financial company operating in accordance Shariah rules. Islamic banking involves giving up speculation and interest, as well as from financing transactions related with alcohol and tobacco. Credit organizations operating on Islamic rules, profit from business projects, which are invested.

Original publication: