Sberbank, the largest bank of Russia, today announced receiving the certification for its Mudaraba Finance transaction from Shariyah Review Bureau (SRB).
Sberbank, based in Moscow, is responsible for providing wide selection of banking services from deposits and to loans to bank cards, money transfers, bank insurance and brokerage services including supply chain finance solutions. The bank helps organizations optimize their working capital, reduce costs and mitigate financial risk. It currently has 16 thousand branches in all 83 constituent entities of the Russian Federation.
“We are committed to listening to our customers’ needs and helping them achieve what they want,” said Behnam Gurbanzada Counsellor to the Deputy Chairman. “Offering Sharia compliant products is another great way of showing how we care for our customers and helping them improve their business in light of faith based principles.” Speaking on the engagement of Shariayh Review Bureau, he stated, “their decade’s worth of experience in Sharia structuring and certification is a welcomed opportunity for our bank” “their extensive knowledge in Mudaraba and leasing development, Islamic financial working capital solutions has helped us to ensure our customer’s receive the Sharia compliant solutions they need to compete and maximize value in the Russian economy.”
Following the Sharia certification of their first transaction, Sberbank has also reaffirmed that it will remain fully committed to Sharia compliant financial activities for its customers. The bank expects to continue making more Islamic financial deals in the Russian federation, provide Islamic liquidity and offer leasing support to all its customers and institutions seeking Sharia compliant solutions.
SRB will continue to supervise the transaction on a periodical basis and ensure the transaction adheres to Sharia compliance standards. “Banks around the world are continually looking for ways to engage in Sharia compliant transactions, as customers show clear interest in receiving Islamic financial services from their local banks” said Yasser S. Dahlawi, CEO and Founder of SRB. “We believe SRB has a unique set of expertise and solutions to help these banks bring Islamic financial products and services customized to their local needs and regulatory developments and deliver highly targeted products at scale.” “We will continue working hard to review and supervise Sberbank’s transaction and sharing best practices of the Sharia complaint marketplace.”
SRB has succeeded by building a scholarly platform covering 16 countries that delivers intelligent insight on Sharia compliant affairs, as well as delivering review and certification service with quick turnaround times. “Over the years we have developed innovative tools to help design, build and solve financial challenges in light of Sharia” added Mansoor M. Ahmed, AGM at SRB, “we continue to tailor our Sharia Board and Advisory services to meet the needs of the banking community, which is a significant and growing customer segment of our client portfolio,” “Licensed by central bank of Bahrain, wide-pool of Sharia scholars covering 16 countries, quick turnaround in reviewing documents, direct access to experts, in-house team of Sharia Auditors set us apart in the Sharia Advisory industry and, more importantly, deliver a great experience to banks like Sberbank.”
Sberbank is the largest bank of Russia and the leading financial institution in the country, which plays a key role in facilitating the country’s integration into the global economy. The atlas of Russian banking sector, Sberbank holds almost 35% of the total banking assets and is the key lender to the national economy and the biggest deposit holder in Russia. Sberbank services more than 135 million individual customers and more than 4 million corporate clients in 20 countries. The largest distribution network of Sberbank consists of almost 17,000 branches in Russia and its international operations include UK, US, CIS, Central and Eastern Europe, India, China, Turkey and other countries.