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Report: Sberbank picks regions for Islamic bank testing

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Report: Sberbank picks regions for Islamic bank testing

PAO Sberbank of Russia is looking to start testing its Islamic banking project in three Russian regions, namely Tatarstan, Chechnya and Bashkortostan, RIA Novosti reported May 11, citing Behnam Gurbanzada, counselor to the deputy chairman of the board at Sberbank.

A concept for the Islamic banking project, which is being prepared for Sberbank by consulting company KPMG, should be ready by the end of June, after which a decision will be taken regarding the exact date for the launch of the tests, the executive was cited as saying.

Sberbank already completed a pilot Islamic financing deal with a leasing company from Tatarstan in January 2017, and has been working on widening the range of this type of services, the news report noted.