The International Bank of Azerbaijan (IBAR) has signed a sharia supervisory agreement with the Shariyah Review Bureau (SRB), a leading global sharia advisory firm,

The IBAR has a history of successful sharia compliant investments in a variety of sectors including consumer and retail finance, Wakala funding, and leasing schemes in Azerbaijan, said a statement.

Behnam Gurbanzada, director - Islamic Banking at IBAR, said: “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.

“We are very excited to employ the global resources of SRB and its experience in helping our bank continues to build the sharia complaint business and lift our Islamic financial sector to an even more successful future.”

Yasser D Dahlawi, CEO at SRB, said: “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 sharia certification, consultation and sharia audit services to the rest of the world.”

Mansoor M Ahmed, assistant GM at SRB, said: “Regardless of our clients location we are dedicated to the continued success of our clients by ensuring that they operate and function in a sharia compliant way.“We look forward to working with IBAR as it endeavours to expand its Islamic financial wing and build its record in providing its community with outstanding products and services that comply with sharia.

“We believe these initiatives will help IBAR attract more similar opportunities and expand its Islamic business and market position in Azerbaijan.” - TradeArabia News Service