OREANDA-NEWS.  November 05, 2014. Investment portfolio of the Islamic Banking Department of the International Bank of Azerbaijan OJSC increased 1.5-fold against early this year.

According to the IBA Press Service, investment portfolio of the Department made up AZN 175.7 million by the end of 2014.

Over the period from January 1 till September 30, 2014 the total volume of private deposits (activities of the Islamic Banking Department covers only Baku) increased almost 10-fold. As of January 1, 2014, the total volume of deposits amounted to AZN 1.69 million and by early October it increased up to AZN 10.1 million. The total volume of funds raised by the Department from international financial markets makes up USD218.7 million.

In September 2012 the IBA announced the “Islamic window” project launched within the framework of Islamic banking promotion in the country. Later the Islamic Banking Department was established in the Bank by decision of the IBA Board. The services rendered by the bank include such Islamic banking products as ijara (an analogue of traditional deposit), Islamic banking cards and Gard Hassan accounts.