Azerbaijan, Baku, Nov. 4 / Trend /
The International Bank of Azerbaijan (IBA) is continuing to work to introduce Islamic banking services and will be ready to launch the Islamic Windows project in November, the bank said.
The IBA is the first bank in Azerbaijan to have attracted and successfully used Islamic banking in practice. In 2009, the bank established a special group to open the Islamic Window unit in the IBA.
"The project to introduce Islamic banking products and services in IBA activities is being realized successfully," head of the Islamic banking introduction team Behnam Gurbanzade said. "Today, the IBA's management has adopted a concept including the introduction and development of Islamic banking. The concept was developed by a special working group and offers strategic decisions and concrete measures."
The project's concept is ready, and clearly describes the stages including aligning activities with valid legislation, and making proposals to amend existing laws, he said.
"We have almost realized the first stage, which implied preparatory work," he said. "At the moment, we are working on the second and final stage, which involves international experts in the start-up and monitoring of the project."
Gurbanzade said the bank is currently in talks and examining the proposals of several international consulting companies.
"In November we will be ready to formally present the project and launch the project," he said.