IBA borrows $60-70 mln for Islamic banking

IBA borrows $60-70 mln for Islamic banking
# 29 April 2013 11:02 (UTC +04:00)

Baku. Ali Ahmadov – APA-Economics. Within Islamic banking, International Bank of Azerbaijan has borrowed $60-70 mln from Islamic financial sources, said the Chairman of Board of Directors Jahangir Hajiyev.

According to him, the bank has already started to give credits under the sharia. With the international financial organizations, the specialists of the bank are drafting proposals regarding improvement of legislation.

Hajiyev says Islamic banking activity is not regulated under the existing rules.

He said that it’s possible to use world practice, as well as Islamic Window of HSBC bank.

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