IBA’s Islamic banking products have passed international certification
The first and so far only Islamic window in Azerbaijan, created in the International Bank of Azerbaijan (IBA), has begun providing services to clients.
According to the Bank, a range of services offered by the Bank includes such products of Islamic banking as Ijara - analogue of traditional leasing, Vakala deposit - equivalent of the traditional deposit, Islamic banking cards, opening of accounts Gard Hassan.
IBA Islamic Banking Department’s director Behnam Gurbanzadeh says that according to international practice, the above-said products of the IBA passed relevant certification in independent Shariah financial and legal advisory company Dar al Sharia, founded by Dubai Islamic Bank.
Thus, all procedures and documentation on these types of services provided by the IBA Islamic Banking Department meet the standards fixed by leading Islamic financial regulator AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions).