IBA starts rendering Islamic banking services

The International Bank of Azerbaijan has announced provision of new services to clients through the first and so far only "Islamic window" in Azerbaijan. A range of services offered by the bank includes such products of Islamic banking as Ijara, Vakala deposit, Islamic bank cards, and opening of Gard Hassan accounts. All procedures and documentation on these types of services meet the standards assigned by the Islamic financial regulator AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions).It is planned to introduce in the banking legislation the concept of Islamic banking.