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IBA borrows $60 mln for employment of Islamic banking

[ 15 November 2012 18:02 ]


Baku. Nijat Mustafayev – APA-Economics. International Bank of Azerbaijan has borrowed $60 mln from Islamic Development Bank and other Islamic financial organizations, said the BoD Chairman Jahangir Hajiyev.


Note that Islamic Banking Department in the structure of the IBA was established in September. Islamic banking will be realized in stages. So, placement to new office, full formation o personnel, subordination of financing lines and current projects to department management, formation of investment portfolio and other issues must be solved. So, financing of legal entities and individuals and services to clients are planned to start from January, 2013.


He also noted that there was not legislation on Islamic banking in Azerbaijan and this delayed this process.