Int'l Bank of Azerbaijan to use experience of Islamic banking
Azerbaijan, Baku, Oct. 14 / Trend , N.Ismayilova/
The International Bank of Azerbaijan (IBA) intends to use the experience of Islamic banking and to provide the range of its services to the public, the bank's chairman Jahangir Hajiyev said.
"Under the global financial crisis, interest in Islamic banking began to increase. There are signs of the Islamic banking in some commercial banks of Azerbaijan, so our key idea is to bring Islamic banking to Azerbaijan and to provide these services to the local population," Hajiyev said at the II International Banking Conference of the CIS countries "Enhancing the stability of the financial and banking systems of the Commonwealth" in Baku on Oct. 14.
He said they are currently negotiating with the Qatar Financial Center in this direction. Since in 2010 the bank plans to open its representative office in Qatar, at the same time the practice of Islamic banking will be used.
Hajiyev said they are also negotiating with the Islamic Development Bank, under the agreement envisaging possibility of opening "Islamic window" for the IBA by late 2009.
The "Islamic window" is to provide Islamic banking services in the ordinary course. They have their own peculiarities.
TREND news agency and Day.az provide the banking conference with media support.