Baku, Finance Time.   International Bank of Azerbaijan (IBA) announced opening of the Islamic Window and starting up Islamic Banking and Financing activity.

Board of Directors approved opening of Islamic banking department and appointed Mr. Behnam Gurbanzada as a Director Islamic Banking. Behnam Gurbanzada joined IBA in 2002 and before held a positions of a deputy Director of Strategic Development and Marketing department and the head of the working group on introduction of Islamic banking in the IBA. 

The next 3 months the Islamic Banking department will be engaged to local processes such as moving to a new office building, staff increase, transfer of Islamic recourses and projects to the Islamic Banking department and forming investment portfolio and etc. Since January 2013 Islamic Window is going to service corporate clients and individuals in Azerbaijan.