OREANDA-NEWS. July 04, 2012. The International Bank of Azerbaijan (IBA) plans to consider opening of "Islamic Window" in the Bank in early July, the "Interfax-Azerbaijan" agency was informed at the press service of the IBA.

"In the process of work with international consultants, IBA completed the first phase of the project. Working Group in cooperation with the consultants developed orgamisational structure and prepared the appropriate staff list" - said the representative of the Bank.

A complete set of documents, including the Regulations of the new structure and staff list, as well as the decision to open the Department of Islamic Banking was approved by the management of the IBA in January 2012.

"In order to obtain final approval, the documents were submitted to the Supervisory Board of the Bank. After appropriate approval the structure will begin operations and in parallel will proceed to the second phase of the project. Consideration of the opening of Islamic Window in the IBA is scheduled for the beginning of July 2012," - said the representative of the press-service.

According to the bank, it is planned to open a new separate structure that will exist in the form of a separate department under the head office of IBA.

Moreover, a development concept for the first 5 years, the business plan, procedures and instructions for products and services, application forms and contracts are prepared.

"Special attention during the preparations for the introduction of Islamic Banking has been focused on selecting software and customer service. Department of Islamic Banking will serve customers in a separate office, funds will be allocated to the separate treasury and payments will be accepted by a separate cash desk. Customer service and all banking transactions will be conducted by Flexcube Islamic Banking Module provided by Oracle. Today it is one of the most advanced software modules in the field of banking services", - stressed in the press-service.

As previously reported, the consultant of IBA on the introduction of Islamic Banking in the Bank is a consortium of companies: Salans/KPMG/Pinsent Masons/Dar al Shariah.