IBA opens first subsidiary Islamic bank in Qatar

International Bank of Azerbaijan (IBA) is ready to open a subsidiary Islamic bank in Qatar, IBA Chairman of the board Jahangir Hajiyev told reporters on Friday.

"Qatar is now in the process of merging the areas of financial trade and the Central Bank of the country, which affects the timing of the decision to permit opening any financial institutions in the country," Hajiyev said. "Almost all the work was performed on our part."

According to IBA Islamic banking department's head Behnam Gurbanzadeh, an Islamic bank in Qatar will become a reference point for Azerbaijani investors to exit to Gulf country markets.

"Prior authorization to establish a fourth category bank in the International Center of Qatar has been received," Gurbanzade said.

The subsidiary bank in Qatar will be the third subsidiary of the IBA financial group. The first was IBA-Moscow, which began operating in Russia in 2002. The financial institution has grown to 12 offices with branches in Moscow, St. Petersburg and Yekaterinburg. The IBA established its second subsidiary, IBA-Georgia bank, in November 2006.


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