The first and only so far in Azerbaijan Islamic window created in the International Bank of Azerbaijan (IBA), began providing services to clients.
The range of services offered by the bank includes Islamic banking products such as Ijara - analogue of traditional leasing, Vakala - the equivalent of the traditional deposit, Islamic banking cards, opening accounts Gard Hassan.
As the director of the Department of Islamic Banking MBA Behnam Gurbanzade said, according to international practice, the said products of IBA have been certified by an independent Shariah financial and legal advisory company Dar al Sharia, founded by Dubai Islamic Bank.
Thus, all procedures and documentation for these types of services provided by the Department of Islamic Banking MBA meet the standards set by the leading Islamic financial regulator AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions). - 15D -
Economics
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