First office under Islamic banking project opens in Dagestan

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Sberbank plans to open offices under the Islamic banking project in Dagestan and Chechnya by the end of 2024. This has been announced by the bank's senior vice-president Oleg Ganeyev. According to the top manager, the bank has been working on the development of Islamic banking since 2016.

"This type of financing implies conducting banking activities in accordance with the norms of Islam, where classical interest-bearing loans are not issued, but other forms are used - such as installment, leasing, equity financing," Ganeyev explained.

Recall the experiment to introduce Islamic banking started on September 1 2023 in Dagestan, Chechnya, Bashkiria and Tatarstan.

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