IN RUSSIAN

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

12 January 2012 - 2:43pm

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.

Read also

Oct 20 2014 - 12:58
Vladimir Yakunin, the head of Russian Railways, will chair the 61st session of the Council for Railway Transportation of CIS Member-States hosted by Baku on October 21-22. It will be attended by railway authorities of Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Uzbekistan, Ukraine, Georgia, Latvia, Bulgaria, Finland, representatives of Lithuania, Estonia, Iran and the CIS Executive Committee, Russian Railway reports.
Oct 10 2014 - 13:46
Azerbaijani President Ilham Aliyev said at a CIS summit in Minsk that the Commonwealth had more potential for regional and international cooperation. He noted that Azerbaijan valued the CIS and had good developments in the economic sector. Aliyev expressed concerns about regional security, the situation in the Middle East and the European part.
Jun 9 2014 - 19:41
The meeting of heads of Turkic-speaking countries in Bodrum, as well as a noticeable warming in Russian-Azerbaijani relations in the light of bilateral visits by senior officials of both countries were the main topics of the outgoing week in the Azerbaijani media. Much attention is paid to the upcoming visits to Azerbaijan by Russian Foreign Minister Sergei Lavrov and Deputy Prime Minister, Chairman of the Intergovernmental Commission Russia - Azerbaijan, Dmitry Rogozin, which will be held this month.
Jun 9 2014 - 13:17
The mudslide at the Darial Ridge blocked the Georgian Military Road, the Terek River. The Verkhny Lars Customs Office was closed for Russia, Georgia, Armenia and Turkey. Irakly Lekvinadze, the director of the Georgian Business and Political Insight (BPI), reminded that the Georgian Military Road was an essential transit route. According to his calculations, Georgia loses $3-4 million every day the road stays closed. He added that high funds had been spent on construction of infrastructure in the area and about the same volume will have to be spent on reconstruction.
Jun 3 2014 - 01:48
Overview of Azerbaijani media for May 27 - June 2The creation of the Eurasian Economic Union, relations between Azerbaijan and other countries of the new alliance, especially with Russia, as well as regional political developments were at the center of last week's news. The media attention focused not as much on the Union itself as on the situation with Armenia, which has offered to sign a treaty of accession to the newly created Eurasian Economic Union by June 15 of this year.
May 23 2014 - 14:19
The LUKoil Company has carried out circulation of 30 thousand tons of oil through the Baku-Tbilisi-Ceyhan pipeline, its head Vagit Alekperov says. He adds that the company doesn’t plan to increase the volume of supplies, Trend reports. The oil was taken from the Yuri Korchagin oil field which has been exploited by LUKoil since 2010. It was a test of the pipeline.  
May 23 2014 - 11:11
"The volume of the US economy has decreased; the role of China and BRICS countries has grown; and it is a big mistake not to reflect this in monetary and financial settlements,” Andrei Kostin, the chairman of the Board and a member of the Supervisory Council of VTB Bank, stated at a round-table discussion “The CIS – modern reality and challenges to stable development”, held within the framework of the International Economic Forum 2014.

Archive