The Guarantee Fund of the Republic of Tatarstan visited Sberbank's first Islamic finance office in Kazan in Russia

24 March 2023, Friday

Subordinated to the Ministry of Economy of the Republic of Tatarstan The Guarantee Fund of the Republic of Tatarstan has paid a working visit to the first Sberbank office in Russia in Kazan, working on the principles of Islamic finance. One of the issues of the meeting was the development of a joint guarantee product that meets the standards of partner banking.

Within the framework of the working meeting, the management of the Guarantee Fund of the Republic of Tatarstan, represented by Director, Rustem Mukhamedshin, together with the Deputy Manager of the Volga-Vyatka Bank Sberbank of Russia – Bank of Tatarstan branch, Ruslan Akhatov and the Head of the Islamic Finance Office of Sberbank, Iskander Khakimov discussed the issues of developing a joint guarantee product that complies with the principles of partner banking, as well as support measures for the development of small and medium-sized businesses available in Tatarstan.

Let us recall that Sberbank's Islamic finance office was opened in Kazan in December 2022. It serves both retail and corporate clients. The list of banking services consists of partner financing products: mudaraba (an analogue of asset trust management), halal investment instruments, trade financing, bank guarantee, payment and current accounts, as well as settlement and cash services and others.

The Islamic Office in Kazan is the first branch in Russia that is organized and designed according to all the rules of Sharia, where Muslims can receive banking services that meet the requirements of Russian legislation and Sharia norms.

The management of the companies also discussed joint participation in the upcoming XIV International Economic Forum "Russia – the Islamic World: KazanForum 2023" in the Republic of Tatarstan.

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