Russia’s Sberbank, Tatarstan sign agreement on Islamic banking

MOSCOW, Jul 14 (PRIME) -- German Gref, CEO of Russian top lender Sberbank, and Rustam Minnikhanov, acting President of the republic of Tatarstan, have signed an agreement on Islamic banking, Sberbank said in a statement on Tuesday.

Sberbank plans to raise hundreds of million dollars of investment and capital from Saudi Arabia and established a unit in Tatarstan to cooperate with Turkish and Arabian investors.

“Sberbank highly values opportunities to develop Islamic financing. Cooperation in this field will foster social and economic development of the republic of Tatarstan,” Gref said.

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