The International Bank of Azerbaijan is expanding its Islamic Banking department to include Islamic leasing services, Director General E. Akhmedov announced on Monday.
Akhmedov said the project will cost $6.57 million and that all of the technical issues have been resolved.
The IBA already offers sharia-compliant products through an Islamic window and it is working with national authorities on legislation that would pave the way for a stand-alone Islamic banking unit.
Headquartered in Baku, the IBA consists of 36 branches and 95 service outlets in more than 40 cities. Within the South Caucasus region, it has the largest asset scope, customer base and international business of all banks.
The IBA has more than 3,000 corporate customers and 400,000 individual customers, and nearly all large and medium companies that operate in Azerbaijan are IBA customers.
Ninety-three percent of Azerbaijan's nine million people are Muslim.
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