#Russia’s Sberbank structures Islamic finance deal to supply wheat to #Egypt

Russia’s Sberbank has structured its first trade finance deal with an Islamic bank to supply Russian wheat to Egypt. The deal with Saudi Arabia’s International Islamic Trade Finance Corporation (ITFC) was implemented through Sberbank’s subsidiary in Switzerland. Egypt’s state-run General Authority for Supply Commodities (GASC) acted as the buyer in the deal. The Russian bank said ITFC will enable it to significantly increase its share in Russian wheat exports to Egypt.