Sberbank eyes 1 bln rbl of Islamic financing in 2018

ANOSINO, Moscow Region, Feb 27 (PRIME) -- Russia’s top bank Sberbank plans to participate in more than 1 billion rubles of deals with Islamic banking instruments at the domestic market in 2018, Deputy CEO Oleg Ganeyev said on Tuesday during a forum.

“If we speak about domestic financing, it will exceed 1 billion (rubles) of deals with leasing instruments, on supplies of different types of equipment, on transport infrastructure. There are also issues connected to upgrades of power infrastructure and power supplies. These are the deals that we expect to be finished,” he said.

Partnership deals, or Islamic financing, are popular not just in Russian regions with a large share of Islamic population. He also said that Sberbank has about U.S. $130 million worth of foreign deals with partnership financing instruments, and these deals are very likely to be implemented in 2018.

“First, we expect the limits under the already signed deals to be taken off, it amounts to more than $30 million of export financing of our agricultural products. This is a new instrument, which opens completely new sales markets for our clients. There are also $100 million more similar deals in our pipeline until the end of the year,” he said

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