Director of Islamic Banking at the International Bank of Azerbaijan Behnam Gurbanzade recently said that the sector has tremendous potential.
"Islamic financing principles will be spread to CIS countries via Azerbaijan because our country I chosen as a platform for the development of Islamic banking," Gurbanzade said.
The IBA is currently working with the government to draft amendments to the country's banking and taxation legislation with regard to Islamic banking and is in the process of developing new products.
The bank first announced plans for its Islamic Banking department in September 2012 and began serving customers in April.
Last week, the IBA debuted its first product, a Qibla credit and debit card containing a digital compass that allows user to locate the direction of Mecca.
The card costs approximately $50 and will be available later this month.
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