Kovser Bank’s relicensed

Kovser Bank’s relicensed
# 25 April 2014 08:42 (UTC +04:00)

CBA told APA-Economics that the related decision was taken by the bank’s Board of Directors on April 9.

Thus, number of banks reached 44.

CBA passed a decision on abolition of Kovser Bank’s license in 2010 due to unfulfilment of requirements for minimum capital and irregularities.

In April 2013, Baku court of Appeal made a decision on canceling resolution of Baku Administrative-Economical Court No1 on bank insolvency.

Kovser Bank is the first bank in Azerbaijan (second in the CIS) operating on Islamic banking principles.

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THE OPERATION IS BEING PERFORMED