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Russia's largest bank launches Islamic services


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Russia's largest bank launches Islamic services

Source:
  • Moscow - WAM
Date: 12 May 2018
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Spirbank, the largest bank in Russia, plans to launch its pilot project to provide Sharia'a compliant Islamic banking services, according to Bhannam Gurban Zadi, adviser to the bank's deputy chairman.

On the sidelines of the economic summit "Russia and the Islamic world" held in the Russian city of Kazan soon, Zadi said the services of the "Islamic bank" will be launched and three Russian regions will be set up to test the project. They are the republics of Tatarstan, Chechnya and Muslim-majority Bashkaria.

"It is expected that these services will be implemented by the end of July, where loans and deposits are made from the population according to Islamic law." Muslims make up 20 percent of Russia's population, where Islamic banking is a promising market.

 
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