Maxim Osintsev | Al Bawaba

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Sberbank, the country’s largest bank by assets, seeks to raise between $200M and $300M for a client this year via Islamic finance. (AFP/Andrey Smirnov)

September 7th, 2016 - 09:00 GMT

Russian state banks get on the Islamic finance bandwagon

Vnesheconombank, Sberbank and Tatfondbank have signed agreements with Saudi Arabia-based Islamic Development Bank (IDB) as Islamic financing continues to make inroads in Russia.