Russia’s Sberbank inks MoU with ICD to offer Islamic finance products

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Sberbank of Russia (SBR) Moscow has signed a Memorandum of Understanding (MOU) with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, to help SBR’s clients’ access Islamic finance products, Samir Taghiyev, ICD senior regional manager for CIS countries told Trend.

SBR provides its services to more than 70 percent of the population of Russia and is one of the leading credit institutions in the world. It helps people’s lives better by helping them fulfill their aspirations and dreams.
“The MoU will reinforce SBR efforts to develop Russia as a strong hub, hosting activities such as project development, structuring, and financing, catalyzing project opportunities for Russian companies and individuals to meet the needs in the region.

Islamic Corporation for the Development of the Private Sector , strong with its experience in Islamic finance, will help share its knowledge to develop the corporate, retail and private banking as well as the training needed,” said Taghiyev.

The MoU was signed by Okan Altasli, the Director of Regional offices at ICD on behalf of the Acting CEO of ICD, Mohammed Al Ammari, and Oleg V Ganeev, Deputy chairman of the executive board of SBR.
The document was signed on the sidelines of the 1st Russian Islamic Economy Forum co-organized by ICD, IAIB, Sberbank, KPMG and Thiqah in Moscow.

“The diversity of Russian’s individuals and companies will help them diversify their sources of growth, and bring much needed capital and expertise into these markets.
ICD’s places the private sector at the heart of development, not only to raise more capital but to drive innovation. Russian’s private sector is well positioned to help ICD unlock additional financing for global development challenges,” noted Taghiyev.

ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group.
The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Sharia’a.

Islamic Corporation for the Development of the Private Sector also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises.

ICD is rated AA/F1+ by Fitch, Aa3/P1 by Moody’s and A+ by S&P Ratings.—Trend

Source: Pakistan Observer 

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