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New structural unit to be established at IBA in connection with Islamic banking

18 May 2011 10:21 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Reception of documents for participation in tender on establishment of new structural unit related to Islamic banking at the International Bank of Azerbaijan.

Bank says in general, 8 document envelopes have been bought, but 7 companies were allowed to the last stage of tender, because 1 pretender did not fulfilled tender terms totally.

Head of working group on application of Islamic banking Bahnam Gurbanzadeh says that this year, on June 6, tender envelopes will be opened and relevant commission will start evaluation of the proposals. Initial stage of the project is planned to finish within summer of the current year and present new structure on Islamic banking in fall months.

Remind that, the subject of the mentioned tender is to select for establishment of new structure specialized on Islamic banking inside the bank, formation of cadre and technical resources of new structure, realization of application of different financial services and financing tools within framework of Islamic banking.