Azerbaijan's largest bank initiates to adopt appropriate legislation on Islamic banking in country
Azerbaijan, Baku, June 4 /Trend, N.Ismayilova/
The tender bids regarding the establishment of a special structure at the International Bank of Azerbaijan (IBA) to provide services within the Islamic banking will be opened next week, IBA Chairman Jahangir Hajiyev told Trend on Friday.
"The proposals have been considered by the tender commission created at the bank," Hajiyev said.
First of all, he said, the structure is created for the introduction of Islamic banking in Azerbaijan. In addition, the bank plans to enter the financial markets of the Arab countries.
"We make an initiative to adopt an appropriate legislation in this regard, because the current legislation in Azerbaijan on the one hand does not prohibit, on the other, does not govern the activities for Islamic banking," Hajiyev said.
Document receipts to participate in the tender were completed on May 12.
Tender bids will be opened at the IBA headquarters on June 6. The commission will start assessing proposals.
Within five days after publishing the tender results, the bank will sign an agreement with a consultant to render services.
The first phase of the project is planned to be completed in the summer. The specialized structures to provide services and products of Islamic banking will be presented in autumn 2011.