IBA presented the first Islamic card

The International Bank of Azerbaijan ( IBA) is the first European bank presented the card Qibla, corresponding to the rules of Islamic banking.

According to the head of the presentation card of Islamic banking IBA Behnam Gurbanzadeh, the card will be released into the circulation in the near future. The cost of the card is 40 manat.

Qibla of Islam is the direction of the Kaaba in Mecca , followed during the prayer and the administration of a number of rituals. Qibla (orientation ) is essential in the construction of mosques and other places of worship in many religions , as well as in the daily lives of Muslims , and serves as a symbol of the unity of all Muslims.

This debit card is already issued in conjunction with MasterCard Platinum. It is made in an unusual design and is equipped with electronic compass indicating the direction of Mecca. With the help of the card holder will be able to cash out funds in the account and pay for the purchase of various goods and services.

The card Qibla will be released as a debit, but can also be used to limit the debt issued by the bank. Extension of time limit is discussed with the holder at the end of the period of payment of the debt. Returned by the holder, the debt is put on the card balance, thus recovering the debt limit.

Provision of Islamic banking services by the IBA started in 2003, becoming the first in the country's banking market. For services in this area the bank borrowed resources from the IDB.

In the creation last year of a specialized structure for the provision of products and services of Islamic banking MBA was assisted by the consortium of companies Salans, KPMG, Pinsent Masons and Dar al Shariah.

IBA was established in 1992 as the successor of the Azerbaijani branch of Vnesheconombank. IBA holds a dominant position in the banking sector. State share in the authorized capital of the bank is 50.2 percent, while the remaining shares are distributed among private businesses and individuals. -15D -