Intl Bank of Azerbaijan plans to launch Islamic Banking service in 2011
Baku, Fineko/abc.az. International Bank of Azerbaijan proceeds introduction of Islamic Banking services.
"The project on introduction of Islamic banking products and services in IBA’s activities is being realized successfully. Up to date, the IBA management adopted a concept including introduction and development of Islamic banking in the Bank. The concept worked out specially by a working group offers strategic decisions and concrete measures," said the head of the Islamic banking introduction team Behnam Gurbanzadeh.
It is worth noting that the IBA is the first bank in Azerbaijan, which has attracted and used in practice successfully products of financing within Islamic banking. In 2009, the Bank established a special group to open Islamic Window unit in the IBA.
"Today, the concept of the project on opening of “Islamic window” is ready. It describes clearly the stages that include the beginning of work in compliance with valid legislation, and proposals for appropriate amendments to available laws. We’ve almost realized the first stage of the project, which implied preparatory work. At the moment we’re working on the second and final stage, which includes involvement of international experts to start-up and monitor implementation of the project. The Bank is in talks and examines proposals of several international consulting companies. In November we’ll be ready to present formally the consultant and begin joint launch of the project,” Gurbanzadeh added.
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