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Sunday, August 25, 2019

International Bank of Azerbaijan offers new service to Muslim customers

The International Bank of Azerbaijan is offering a new "Qibla" debit card to customers of its Islamic banking services.

"The card contains a special e-compass, which allows customers to determine the direction of the Qibla, the Kaaba in Mecca," Behnam Gurbanzadeh, the head of the IBA's Islamic Banking Department, said.

Gurbanzadeh said that the card has been tested and shows the exact direction.

"The Qibla card can be used not only in debit form but also on debit limits established by the bank," Gurbanzadeh said. "The matter of extension of the debt limit is discussed after the expiry of its repayment term. The money returned by the client is added to the balance and the limit is resumed."

Gurbanzadeh said that funds allocated within the Islamic Banking Department are placed in a so-called "sub-treasury" and are not mixed with other accounts.

Headquartered in Baku, the International Bank of Azerbaijan has more than 30,000 corporate customers and 400,000 individual customers. It consists of 36 branches and 95 service outlets in more than 40 cities.