Major Azeri bank launches Islamic Window

International Bank of Azerbaijan, the country's leading bank, has announced opening of Islamic Window and starting up Islamic banking and financing activity, IBA said.

IBA's Board of Directors approved opening of an Islamic banking department and appointed Behnam Gurbanzada as Director for Islamic Banking.

Gurbanzada joined IBA in 2002 and served as deputy director of Strategic Development and Marketing department and the head of the working group on introduction of Islamic banking at IBA.

Over the next three months the Islamic Banking department will be engaged in internal procedures such as moving to a new office building, staff increase, transfer of Islamic resourses and projects to the Islamic Banking department, forming an investment portfolio, etc.

From January 2013 Islamic Window is to benefit both corporate clients and individuals in Azerbaijan.