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International Bank of Azerbaijan to launch Islamic banking services

International Bank of Azerbaijan to launch Islamic banking services

14 October 2009 15:48 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. International Bank of Azerbaijan will soon make available Islamic banking compliant services, said Jahangir Hajiyev, Chairman of the Bank.

â€œIslamic banking has started to attract more and more attention during the global economic crisis. There is no fully sharia-compliant bank in the post-Soviet countries. We are negotiating with Qatar Financial Center on this matter,â€ he added.

As Azerbaijanâ€™s and the regionâ€™s largest bank, the International Bank of Azerbaijan with a governmentâ€™s 50.2% stake is owned by the bank staff (10%) and private shareholders (40%).
The bank operates 37 branches across the country.

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