ENP Newswire -
Release date- 19082014 -
A stand-alone unit would allow IBA, 50.2 percent owned by
'IBA is working on developing new products as well as establishing a platform for a separate, fully sharia-compliant unit,' Gurbanzada said.
IBA, which holds 40 percent of banking assets in
The bank currently offers sharia-compliant products through an Islamic window, a practice which allows conventional lenders to provide Islamic financial services as long as client money is segregated from the rest of the bank.
A separate unit could help increase the appeal of Islamic banking among retail clients, in a country where an estimated 93 percent of the population of 9 million are Muslim.
IBA also wants to create a strong domestic Islamic banking platform for use with its subsidiaries in
This month, the
IBA has hired
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