The International Bank of Azerbaijan (IBAR), the biggest bank in Azerbaijan managing more than 35% of total banking assets in the country, today announced the signing of a Shari’a Supervisory agreement with Shariyah Review Bureau (SRB), a leading global Shari’a Advisory firm.
IBAR has a history of successful Shari’a 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’a Complaint business and lift our Islamic financial sector to an even more successful future.”
Starting out as a small firm in Jeddah, Saudi Arabia more than ADIF ago, Shariyah Review Bureau is today recognized globally for its iconic Shari’a Compliance services which it provides to its multi-industrial clients in over 14 countries. With more than 37 Shari’a scholars from around the world, the company’s rapid growth includes recently doubling Shari’a review and Certification capacity in the GCC.
“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’a Certification, Consultation and Shari’a 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’a compliance of companies worldwide, and we are thrilled to have been assigned as the Shari’a Advisor of IBAR’s new community based projects.”
As the pace of change in the Islamic financial industry accelerates at an international level, institutionalized services of Shari’a Advisory firms like SRB has become increasingly evident. “Regardless of our clients location we are dedicated to the continued success of our clients by ensuring that they operate and function in a Shari’a compliant way” said Mansoor M. Ahmed, Assistant General Manager at SRB. Commenting on the assignment he 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’a,” “We believe these initiatives will help IBAR attract more similar opportunities and expand its Islamic business and market position in Azerbaijan.”
About The International Bank of Azerbaijan
The International Bank of Azerbaijan is the state-controlled bank operating in the Republic of Azerbaijan. Headquartered in Baku, the bank consists of 36 branches and 95 service outlets in more than 40 cities.
The International Bank of Azerbaijan (IBA), the leading financial institution in the country, plays a key role in facilitating the country’s integration into the global economy. As a National Development Bank, IBA contributes significantly to the stability and transparency and continuously strengthens Azerbaijan’s banking system and fundamentally supports Azerbaijan’s socio-economic development.
Within the South Caucasus region, IBA has the largest asset scope, customer base, and international business of all banks. IBA has more than 30,000 corporate customers and 400,000 individual customers. Nearly all large and medium companies that have operations in Azerbaijan are IBA customers.
Over 1,300 people work at IBA. According to CISTRAN Finance, IBA is one of the world’s 1,000 largest and most stable banks in 2013.