May 15 2011

AIB to set up Islamic banking unit

Local news sources have claimed that Azerbaijan International Bank (AIB) has tendered for consultancy companies to help it set up an Islamic banking unit.

The successful bidder will help AIB to set up an Islamic banking window, recruit and train its staff, plus develop and implement Shari'ah compliant financial processes across the unit.

The move by AIB would nose it ahead of its domestic competitors in the Islamic banking stakes. Recently the Azerbaijani AmrahBank postponed its plans to introduce Islamic banking products, citing a lack of legislative framework to allow it to carry out Islamic banking properly. However Nikoli Bank is hoping to raise nearly $200,000 for its recently-launched 'Vadia yad Daman' Shari'ah compliant banking products.

Closing date for expressions of interest is May 30.

© The Islamic Globe 2011

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