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IBA to start application of Islamic banking in autumn

09 June 2011 12:49 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. International Bank of Azerbaijan will made public the results of tender which announced for selection of Adviser Company for application of Islamic Banking, next week.

IBA says proposals of 4 companies (consortium of Ekvita & Islamic Finance Advisory Assurance ServicesÂ», Â«Ernst & YoungÂ», Â«Baker McKenzieÂ», Â«Pricewaterhouse CoopersÂ», as well Â«SalansÂ», Â«Pinsent MasonsÂ» and KPMG companies) have been adopted for assessment.

Bank says the tender winner will be determined next week.

Note that, IBA intends to start implementation of project from July 1 and application of Islamic Banking in autumn.

Remind that, as of April 1, 2011, International Bank of Azerbaijanâ€™s assets stood at AZN 4,696.638 mln, loan portfolio â€“ at AZN 2,879.706 mln, including consumer lending â€“ at AZN 388.885 mln, deposit portfolio â€“ at AZN 1,911.060 mln, as well populationâ€™s deposits â€“ at AZN 738.860 mln. Total capital made AZN 514.985 mln, as well authorized capital â€“ AZN 240 mln, total income - AZN 84.591 mln, expenditure â€“ AZN 77.983 mln, profit â€“ AZN 6.608 mln.

IBA has been in operation since 1992.