Interim President of the Republic of Tatarstan Rustam Minnikhanov and Chairman of the Executive Board of Sberbank Herman Gref signed two agreements between Tatarstan and Sberbank.

The first agreement on cooperation in the field of Islamic financial services envisages considering and making proposals for the development of the Sharia compliant financing in the republic.

“We are making the first steps in terms of using the Islamic banking. Not only Islamic, but also a lot of European countries are using these mechanisms. Given the fact that there are some difficulties in foreign financial markets, it is a good tool. Together, our republic, which has good contacts with the Islamic world, and the Sberbank as a powerful banking structure, we could do a lot for the whole country,” Minnikhanov said.