Since 2012 Turanbank to start rendering services on Islamic banking standards

Baku, Fineko/ Azerbaijani banks expand involvement in the process of activity on Islamic banking principles.

Chairman of Turanbank’s Supervisory Board Fuad Musayev has reported that at present tender phase is underway for selection of the consultant on introduction of Islamic banking’s "window".

" We have already given requests to potential consultants and expect their answers which we will evaluate and make a choice. In parallel national legislation analysis is ongoing ",- F. Musayev said. The bank sees Bahrain, Great Britain or Malaysian companies as its consultants.

" Our laws are a little conservative in terms of Islamic banking where for example , Shariat committees, Shariat audit is needed. We lack such professionals. For this reason we work in direction of client attraction and product development. We will have to explain new practice to the clients. I think that by early 2012 we will start rendering services on Islamic banking principles",- F. Musayev added.



21.06.2011 16:10


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