International Bank of Azerbaijan introduces Qibla card meeting Islamic banking rules - PHOTO

International Bank of Azerbaijan introduces Qibla card meeting Islamic banking rules - <span style="color: red;">PHOTO
# 25 September 2013 10:48 (UTC +04:00)

According to APA-Economics, the card, made on the base of debit MasterCard Platinum was designed exceptionally.

Bahnam Gurbanzadeh, director of Islamic Banking department, said that a special electronic compass was inserted in the card to find Qibla in any point of the world. Via this card, it’s possible to cash the funds in eth account and do payments.

Qibla card can be used in the regime of debit, as well as with the debt limit by the bank. Prolongation of the debt limit for the card is discussed at the end of debt period. The debt repaid by the customer is placed on the balance of the card and thus, debt lmit is restored.

Gurbanzadeh also reported about the works in the sphere with Islamic banking. He noted that IBA carried out first financing in 2004. A working group on Islamic banking was established in 2011, Islamic Banking Department – in 2012.

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