The largest Russian banks launch an Islamic banking program

Media IN 12/05/2018
Spearbank, the largest bank in Russia, is launching its pilot project to provide Islamic banking services that are in accordance with Islamic Shari’a principles, according to Bhnam Ghorban Zadi, Advisor to the Bank’s Vice Chairman.
On the sidelines of the economic summit, Zadi said, “The services of the Islamic Bank will be launched soon.” Three Russian regions will be selected to test the project, namely the republics of Tatarstan, Chechnya and the predominantly Muslim country of Bashkaria.
He said, “It is expected that the work of these financial services during July next ..
Muslims make up 20 percent of Russia’s population, where Islamic banking is a promising market.