Bank Of Baku

Turanbank to apply Islamic banking

Turanbank to apply Islamic banking
# 22 June 2011 08:10 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. In relation to results of the tender announced for selection of consulting companies
on application of Islamic banking, Azerbaijan’s Turanbak will start to apply new services at the beginning of 2012, chairman of the Observation Council Fuad Musayev said.

To him, at present, the proposals made by the consulting companies of Bahrain, the Great Britain, Malaysia and other countries are being discussed by the bank’s tender commission.

Musayev noted that along with te tender works, bank’s representatives investigated the existing legislative basis connected with Islamic banking: “There are several gaps in the legislation, and it is one of the main factors that prevent the application of Islamic banking”.

Remind that, Turanbank has been in operation since 1992. The bank operates 11 branches, 16 ATMs, 74 POS-terminals and 239 employees across the country.
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THE OPERATION IS BEING PERFORMED