Largest Commercial Bank in Russia to Open Office in Abu Dhabi

Largest Commercial Bank in Russia to Open Office in Abu Dhabi

Sberbank is looking to promote investment activity in both conventional and Islamic finance through cooperation with funds, financial institutions and other bodies in the Middle East, Behnam Gurban-Zada, Head of Islamic banking at Sberbank, said in a statement to the state news agency Wam.

 

In late September, the state-owned bank signed an agreement with Abu Dhabi sovereign investor Mubadala Investment Company to "tap the potential of mutually beneficial opportunities ".

 

The agreement covers cooperation in areas including co-investments, debt and equity financing, long-term financing of Mubadala projects in Russia and other territories.

 

It also includes potential cooperation in a wide range of areas that would embrace Islamic finance, artificial intelligence, cybersecurity, life sciences, venture capital, telemedicine and education.

 

Islamic finance will be the backbone of Sberbank business activity in the region. The Islamic window