Demand for Sharia-compliant financial products is growing, according to Russia’s largest lender, Sber.
Russia is seeking to expand a pilot Islamic banking program as demand for Sharia-compliant financial products continues to grow, according to the country’s largest lender, Sber.
Islamic banking, also known as partner financing, follows Sharia principles that prohibit interest-based lending and speculative transactions. Instead, it relies on mechanisms such as leasing, installment sales, profit-sharing arrangements, and asset-backed financing. It also restricts financing for sectors such as gambling, alcohol, tobacco, and weapons production…
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