The steady growth of sharia-compliant assets suggests banks believe in the future of the sector, but the dismantling of the largest cross-border Islamic window raises questions about whether global banking groups can make a success of the business.
The acquisition of an investment bank and subsidiaries across emerging Europe are transforming Sberbank from Russia's retail savings bank of choice into a genuine international player, just as Western competitors are retreating. But its management team is treading carefully.