CBA lifts restrictions on activity of one of country’s banks
Baku, Azerbaijan, Feb. 2
By Azad Hasanli - Trend:
The Central Bank of Azerbaijan (CBA) has lifted restrictions on the activity of Caspian Development Bank, previously operating under the name Kauthar Bank, the bank told Trend Jan. 30.
"On the occasion of the bank's name change we have received the general license in the Central Bank, in accordance with which we can provide all kinds of banking services," said the bank.
In connection with obtaining permission to accept deposits from individuals, Caspian Development Bank joined the Azerbaijan Deposit Insurance Fund, and in the future there are plans to connect to the AMF.
Thus, the bank once again started to provide traditional banking services, having refused to work according to the rules of Islam. This happened as the result of changes in the shareholding structure.
The new structure and strategy of the bank's activity will be approved in early February, said the bank.
"The new bank began its work with capital exceeding the minimum requirement of the Central Bank to the total capital in the amount of 50 million AZN as of January 1, 2015," the bank said.
Late 2014, the State Committee for Securities registered the issue prospectus of ordinary registered shares in book-entry of Kauthar Bank in the amount of 38 million AZN. Prior to the placement of shares, the authorized capital was 12 million AZN.
Over the past seven years, the bank's assets increased from 320,000 AZN to 21.8 million AZN.
Kauthar Bank JSC is one of the first commercial banks and the first Islamic bank in Azerbaijan. The bank operates in the country since 1988. The bank was previously called the Universal Bank.
Edited by CN
Follow the author on Twitter: @AzadHasanli