International Bank of Azerbaijan to apply Islam banking in Russia

Banking legislation of Azerbaijan limits the number of Islam banking products.

Baku. 15 November. REPORT.AZ/ The International Bank of Azerbaijan (IBAR) plans to present Islam banking products in Russia through its branch in Russian Federation named as "ABB-Moscow". Report informs, this was stated by the director of Islam Banking Department of the IBAR Behnam Gurbanzadeh at 7th International Banking Conference of CIS countries held in Baku.

Speaking at session of the conference devoted to Islam banking, B.Gurbanzadeh stated that, at the moment volume of Islam economy in the world is about 2,1 trillion dollars. It also should be noted that, rising temp of total assets of Islam banking in the world is equal to 15-17%. In general, specifications of Islam banking, as well as financing of absolutely real sector, especially real projects increases attractiveness of this sector.

B.Gurbanzadeh also informed the session participants about the works done by IBAR. According to his words, at the moment volume of involved investments in the framework of Islam banking is equal to 220 million dollars. Department presents 6 products of Islam banking and to the end of December of this year branches will be opened in Sumgayit, Ganja and Lankaran.

B.Gurbanzadeh also stressed that, bank legislation in Azerbaijan allows only to 6 products of Islam banking to activate in Azerbaijan and expressed his hope that, certain changes on this matter will be made in bank legislation. 

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