Behnam Gurbanzade

Azerbaijan bank to target UAE for $300m sukuk

International Bank of Azerbaijan (IBA) plans to target the UAE and other Gulf investors as it plans to issue $200-$300 million debut sukuk this year, its senior manager Behnam Gurbanzade said. He further said the bank would issue sukuk in the second half of this year in order to widen its credit policy, develop business and attract alternative sources of financing. The bank, 50.2 percent owned by the Ministry of Finance, holds 40 percent of banking assets in the country. In 2014, IBA raised $252 million through an Islamic syndicated loan from UAE-based Al Hilal Bank, Dubai Islamic Bank and Noor Bank.

Azerbaijan's largest bank starts Islamic financing in Russia

International Bank of Azerbaijan OJSC will provide services on Islamic financing in Russia, the director of the Department of Islamic Banking of the International Bank of Azerbaijan (IBA) Behnam Gurbanzade said.

Azerbaijani bank launches Europe’s first Islamic credit card

International Bank of Azerbaijan (IBA) is the first European bank to present the Qibla card, which corresponds to the rules of Islamic banking. IBA Islamic Banking Department head Behnam Gurbanzade said the card will be released into circulation in the near future. The cost of the card is 40 manats. The debit card was issued in conjunction with MasterCard Platinum. It is equipped with an electronic compass indicating the direction of Mecca. With the help of this card, the card holder will be able to cash funds in the account, as well as pay for the purchase of various goods and services. Qibla card will be issued as a debit card, but can also be used with a limit of debt, issued by the bank.

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