The International Bank of Azerbaijan (IBAR) has announced the signing of a Shari'ah Supervisory agreement with Shariyah Review Bureau (SRB), a Shari'ah Advisory firm.
IBAR has 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.
"IBAR'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," said Behnam Gurbanzada, Director Islamic Banking at IBAR. "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."
"Adding the largest bank in Azerbaijan as part of our growing portfolio of international clients, we're able to amplify what has driven our success for the last 10+ years: delivering the best Shari'ah Certification, Consultation and Shari'ah Audit services to the rest of the world," said Yasser S. Dahlawi, CEO of SRB. "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, Assistant General Manager at SRB added, "We look forward to working with IBAR 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," "We believe these initiatives will help IBAR attract more similar opportunities and expand its Islamic business and market position in Azerbaijan."