Azerbaijan's Turan Bank to introduce Islamic banking products
Azerbaijan, Baku, June 21 / Trend N.Ismayilova /
Azerbaijan's Turan Bank will initiate Islamic banking products in 2012, Turan Bank Supervisory Board Chairman Fuad Musayev told Trend.
"Today, we are working to attract a consultant, as Azerbaijani legislation limits the use of these products. Negotiations are underway with consultants from Bahrain, Malaysia, Britain and other
countries," Musayev said.
He said the bank plans to begin with the simplest products because this is a new direction and the bank and its clients should learn much.
"We plan to begin providing these services by early next year. The bank's lawyers are also studying the local laws and are working on integrating products of Islamic banking with them," he said.
Nikoil Bank is the first Azerbaijani bank to have provided a similar service.
The International Bank of Azerbaijan, Amrahbank and Texnikabank have announced the intention to begin providing Islamic banking services.
TuranBank has 25 shareholders, of which five - legal entities (21.8 percent) and 20 - physical (78.2 percent).