Large Uzbek bank may start providing Islamic banking services
Baku, Azerbaijan, July 13
Ipak Yuli Bank is currently at the stage of active negotiations with the Islamic Corporation for the Development of the Private Sector (member of the Islamic Development Bank Group) for the provision of consulting services in the framework of the development of the project for creation of an "Islamic window" with the introduction of a wide range of Islamic banking services.
A meeting between the delegation of ICD headed by Ms. Nida Raza (Director of Advisory Services Department of ICD) and the management staff of the Ipak Yuli Bank, headed by the Chairman of the Board Saidabror Saidahmedov was held July 11 in the building of the head office of "Ipak Yuli" Joint-stock innovative commercial bank (JSICB).
The participants expressed proposals and opinions on the creation of the first "Islamic window" in Uzbekistan.
Ipak Yuli plans to become a commercial bank providing banking services according to the principles of Islamic financing on the basis of the “Islamic window” in Uzbekistan.
“Islamic window” is a separate structural unit in a traditional commercial bank that provides banking services based on the principles of Islam, unlike a fully Islamic Bank that does not provide traditional banking services at all.
"Islamic windows" are available in many banks of the world, including America Express Bank, HSBC, ANZ Grindlays, BNP-Paribas, Chase Manhattan, UBS and others. They can provide a full range of Islamic banking services in full compliance with Sharia standards, which are essentially a full-fledged alternative to traditional banking products.