In an interview with Reuters, IBA’s director of Islamic banking Behnam Gurbanzada said the subsidiary will be set up in collaboration with an undisclosed local firm in Qatar and would offer a full range of Islamic banking services including arranging deals, extending credit facilities, and custody and advisory services.
"We are planning to create a common chain of IBA subsidiaries and representative offices and present Islamic banking along with general services and products," Gurbanzada added.
"If we are successful then we can set up an Islamic investment and development bank of CIS (Commonwealth of Independent States) countries."
The bank, which is 50.2% owned by Azerbaijan’s Ministry of Finance, had already established its presence in the Gulf in 2008, when it opened a representative office in Dubai while the new venture will be its third overseas subsidiary after Russia and Georgia, as reported by the news agency.
