OREANDA-NEWS. April 16, 2013. The bank reports that the Islamic Window established at IBA (International Bank of Azerbaijan) has begun offering its services to customers.

The wide-raging services offered by the bank are alternative of leasing - Renting, alternative of the traditional deposit - Vakala, Islamic bank cards, opening “Hard-Hasan” bank accounts.

The director of the Islamic Banking Department of IBA Behnam Gurbanzade says that correspondingly to the world practice abovementioned products certified by “Dar al Shariah” legal and financial consultancy company instituted by “Dubai Islamic Bank”.

So services offered by Islam Banking Department are up to the all standards set up by AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions), Islamic financial regulatory institution.

International Bank of Azerbaijan established in 1992 is the largest bank in Azerbaijan. Currently, 50.2% of shares are controlled by the state and 49.8% belong to the private stakeholders. The stakeholders of the bank are 14 legal entity and 1556 individuals.