IBA included in Top Islamic Financial Institutions ranking

IBA included in Top Islamic Financial Institutions ranking
# 21 November 2014 13:11 (UTC +04:00)

Baku. Musa Ahmadov - APA-Economics. The International Bank of Azerbaijan has ranked at 219th among the the Banker’s “Top Islamic Financial Institutions” ranking.

Bank says the successful start of the IBA Islamic Financing Department’s activity enabled the bank to rank at 219th among 360 financial institutions

The Banker notes that by the end of 2013 IBA Islamic Financing Department’s assets totaled $180 million or about 1.8% of the bank’s total assets volume. Net revenue from Islamic transactions made up 7.69% of the bank’s total revenue by the end of the last year.

In the rating covering only commercial banks (the general rating includes also insurers, investment and non-banking organizations) IBA ranks at 150th among 214 financial and credit organizations.

In September 2012 IBA announced launch of the Islamic Window project within the framework of Islamic financing introduction in the country. Later by decision of the Board of Directors the bank established the Islamic Financing Department. Among services offered by the bank there are such products as ijara (analogue of traditional leasing), wakala deposit (analogue of traditional deposit), Islamic banking cards, Qard Hasan accounts.

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