The first bank in the Russian Federation according to the standards of Islam and Shariah was opened in Kazan
The first office of Sberbank in Russia according to the standards of Islamic banking was opened on December 1 in Tatarstan, in the city of Kazan. Here, the Muslims of the republic will be able to receive banking services that comply with Sharia norms and the requirements of the legislation of the Russian Federation, - the news agency of the Republic of Tatarstan reports.
The new office will serve both retail and corporate clients. They will be able to take advantage of various partnership financing instruments: halal investment instruments, mudaraba - asset management in trust, ijara - which means leasing. Financial terms from Islam may not be familiar to many, but they do not change the essence of banking services. Visitors can also take advantage of trade finance, bank guarantees, payment and current accounts, and other services.
Inside the hall there is a stand "Museum of Islam in Russia", where guests can get acquainted with the history of the city of Kazan and purchase souvenir coins and other products with Sber symbols in a specialized store.
Among the related services of the department is a coffee shop that offers more than 20 positions of coffee and tea, as well as Zam-Zam water from a sacred spring.
As the head of the Republic of Tatarstan Rustam Minnikhanov noted, the new office will allow the Muslims of the republic to receive banking services that meet the requirements of Russian legislation and Sharia norms. The Islamic finance system is a promising area of trade and economic cooperation, and such a model can act as an alternative to Western capital markets and trading floors,” the President of the Republic of Tatarstan said.
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