Russian, Azerbaijani and Kazakh banks to form a United Islamic Bank

The International Bank of Azerbaijan (IBA) and Russia's VTB Bank plan to invite one of Kazakhstan’s leading banks to form the United Islamic Bank of the CIS, Trend cites Bekham Gurbanzade, head of a working group of the IBA.

Baku hosted the Fourth International Bank Conference of CIS States in early December 2011. The VTB and IBA made agreements. The Russian bank will use the experience of Azerbaijani specialists and consultants in Islamic banking, Azerbaijan will use the experience of the VTB. Efforts were united within the framework of the Financial and Banking Council of the CIS.

The Financial and Banking Council highlighted the issue at the Baku Banking Conference, because the global economic recession requires new instruments, such as Islamic financial products. Such instruments allow financing of projects via shares and investments, experience of Azerbaijani specialists and consultants in Islamic banking, Azerbaijan will use the experience of the VTB. Efforts were united within the framework of the Financial and Banking Council of the CIS.

The Financial and Banking Council stressed the issue at the Baku Banking Conference because the global economic recession requires new instruments, such as Islamic financial products. Such instruments allow financing of projects via shares and investments.

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