Advisor determined on application of Islamic banking at IBA

The results of the tender held at International Bank of Azerbaijan on involvement of advisors on establishment of special section presenting products and services on the basis of Islamic banking principles have been made public.

Together with Ekvita company’s Islamic Finance Advisory Assurance Services company, the tender commission considered the proposals made by the consortiums of Ernst&Young’s Baker McKenzie, PriceWaterHouse and Salans, Pinsent Masons, KPMG and Dar Al Shariah companies.

Consequently, consortium of Salans, Pinsent Masons, KPMG and Dar Al Shariah were declared as the winners of tender. An agreement between the consortium and the bank will be signed within 10 days. Thereafter, works will start on the project. Special section on Islamic banking is expected to launch in autumn of 2011.


/APA/