Citing a history of successful Shari'ah-compliant investments in a variety of sectors--including consumer and retail finance, Wakala funding and leasing schemes in Azerbaijan--the International Bank of Azerbaijan (IBA) announced on its website last week that the Shari'ah Review Bureau (SRB) will supervise future Shari'ah-compliant projects.
"IBA's Islamic division team have already accomplished a great deal in Azerbaijan by establishing itself as the first premium provider of Islamic banking services and creating a unique national brand that display's our country's potential for financial growth," Behnam Gurbanzada, the director of Islamic Banking at IBA, said. "We are very excited to employ the global resources of SRB and its experience in helping our bank continues to build the Shari'ah Complaint business and lift our Islamic financial sector to an even more successful future."
SRB CEO Yasser S. Dahlawi praised the addition of the largest bank in Azerbaijan to its growing portfolio of international clients.
"We're able to amplify what has driven our success for the last 10-plus years: delivering the best Shari'ah Certification, Consultation and Shari'ah Audit services to the rest of the world," Dahlawi said. "We have a decade-long and impressive track record of successfully managing the Shari'ah compliance of companies worldwide, and we are thrilled to have been assigned as the Shari'ah Advisor of IBAR's new community based projects."
Mansoor M. Ahmed, the assistant general manager at SRB, echoed Dahlawi's sentiments.
"We look forward to working with IBA as it endeavors to expand its Islamic financial wing and build its record in providing its community with outstanding products and services that comply with Shari'ah," Ahmed said. "We believe these initiatives will help IBA attract more similar opportunities and expand its Islamic business and market position in Azerbaijan."
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