Since introducing co-financing, Sberbank has processed 17 billion rubles through Islamic banking instruments, a milestone highlighted by Oleg Ganeev, Senior Vice President, at the XIV International Economic Forum “Russia-Islamic World” in Kazan. The banking group sees strong momentum in the Islamic finance segment and is focused on turning growing demand into tangible services for a broad range of clients across Russia and neighboring markets.
Ganeev noted that more than 25 million people in Russia identify with Islam, and within this demographic 7.5 million are potential customers for the co-financing offerings. This pool is expected to expand as awareness and accessibility increase. He emphasized that the current volume of 17 billion rubles in transactions demonstrates the viability of Islamic financial instruments for cross-border trade and domestic commerce, including grain supply chains that require reliable, compliant financing. He also stressed ongoing product development to better serve a growing customer base.
One barrier to broader adoption of Islamic banking in the Russian Federation, according to Ganeev, is a shortage of specialized professionals. In response, Sber has established the “Islamic Finance” educational program at the Sber University, designed to build a skilled workforce capable of supporting compliant financial solutions and fostering innovation in the sector. The interest in training under this program is reported to be two to two and a half times higher than initial expectations, signaling strong demand from individuals seeking expertise in Islamic finance.
At the forum, Tatarstan leadership acknowledged Sber’s commitment to advancing Islamic finance. The regional effort to promote equivalent financial opportunities aligns with a broader global trend where jurisdictions explore Sharia-compliant products to diversify investment sources. The opening of the first Islamic finance office in Tatarstan last year is cited as a concrete step toward expanding access to these services, with the aim of aligning Russian financial markets more closely with international practices and investor expectations.
The forum highlighted a shared outlook: economies worldwide are actively leveraging Islamic finance as a means to diversify funding, deepen capital markets, and attract new investors from Islamic markets. This momentum is particularly relevant in contexts where traditional Western financing channels face limitations, making regional hubs like Russia an attractive complement to global investment flows. The dialogue underscores the potential for stronger collaboration between financial institutions, educational bodies, and policymakers to cultivate a robust, compliant Islamic finance ecosystem that supports growth while maintaining prudent risk controls.