Sber was the first to finance the working capital of a corporate client in accordance with Sharia law for a project from Tatarstan

Sberbank has concluded the first deal in the Russian Federation on the Card-al-Hassan product for the project of the Republic of Tatarstan, which allows businesses to receive working capital from the bank in full compliance with Sharia law, Deputy Chairman of the Board of Sberbank Anatoly Popov said at SPIEF.

Now entrepreneurs doing business according to Sharia law can receive borrowed funds in Savings to replenish working capital."We are pleased to conclude the first such deal in the country - in my opinion, this is a landmark event for the entire financial industry. Such products have good prospects - I think Card al-Hassan will become the standard of the market, and other banks will also join the development of Islamic finance," Anatoly Popov said.

The country's first interest-free loan agreement for the Card-al-Hassan product with the bank was signed by a manufacturer of plastic products for the home from Tatarstan. The company will receive funds to pay for the purchase of raw materials, auxiliary materials for production and transportation costs.

The new product provides financing for replenishment of working capital through the conclusion of an interest-free loan agreement in foreign currency for up to one year with the issuance of tranches for up to 1 month. 

The St. Petersburg International Economic Forum (SPIEF) takes place from June 5th to 8th.