OREANDA-NEWS. November 13, 2010. International Bank of Azerbaijan continues to work on the introduction of Islamic Banking services, reported the press-centre of IBA.

"The fulfillment of the project on the introduction of Islamic banking products and services in the activities of the IBA is successful. To date, the Bank’s Management adopted a concept involving the introduction and development of Islamic banking at the Bank. The concept was developed by specially created working group and includes the strategic decisions and concrete measures" - said the Head of the Group Behnam Gurbanzade.

It is worth to note that the IBA is the first bank in Azerbaijan, which attracted and successfully used in practice the products of financing under Islamic Banking. In 2009, in the Bank was created a special team to open the subdivision "Islamic Window" in the IBA.

"To date, the concept of the project on opening the "Islamic Window" is ready. The stages that include the beginning of work under the current legislation are clearly described and proposals for appropriate amendments to existing legislation are developed. We have almost realized the first stage of the project, which meant the preparatory work. At the moment we are working on the second - final stage, which implies the involvement of international experts to run and monitoring of the implementation of the project. The Bank is in talks and examines proposals of the several international consulting companies. In November we will be ready to formally present the consultant and proceed with the joint launch of the project" - added B. Gurbanzade.