Sberbank opened the first Islamic banking office in the North Caucasus in the capital of Chechnya, Grozny. It will offer more than 15 Shariah-compliant affiliate financing products.
In addition, in 2023, Sberbank launched the first edition of Islamic finance cards in the North Caucasus Federal District. Chechnya and Dagestan are the leaders in sales of halal debit cards in the country.
The number of participants in the experiment on Islamic banking in Russia continues to grow, said Ekaterina Lozgacheva, director of the department of strategic development of the financial market of the Central Bank of the Russian Federation, at the Caucasus Investment Forum. Currently, more than 20 organizations are included in the register.
Islamic banking is a way of conducting banking activities that involves compliance with the religious rules of Sharia. It prohibits investing money in alcohol, gambling and certain types of meat. When making transactions, financial institutions will not be able to set remuneration expressed in the form of an interest rate.
