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Caspian Development Bank joins Deposit Insurance Fund

04 February 2015 08:55 (UTC +04:00)

Baku. Yegane Lachinzade – APA-Economics. Caspian Development Bank has become a member of the Deposit Insurance Fund.

A relevant notification was received on Feb.4, the Fund told APA-Economics.

Thus, the number of fund members reached 44.

In connection with the renaming of Kovser Bank, the Central Bank of Azerbaijan granted a license to Caspian Development Bank OJSC for banking activity on January 26, 2015.

Kovser Bank, which was established in 1988, is the first bank that works according to the Islamic banking system.

The CBA passed a decision on abolition of Kovser Bank’s license in 2010 due to unfulfilment of requirements for minimum capital and irregularities. The bank management filed an appeal against the CBA’s decision.

Following a three-year investigation, the CBA re-licensed Kovser Bank in April 2014.