OREANDA-NEWS. July 19, 2011. The International Bank of Azerbaijan (IBA) has summed up the tender for attracting consultants to create a specialized structure for the provision of products and services of Islamic banking, reported the press-centre of IBA.

"The tender committee considered the proposals of four companies, including a local company Ekvita along with the Islamic Finance Advisory Assurance Services; Ernst & Young in conjunction with Baker McKenzie; PricewaterhouseCoopers and a consortium of Salans, Pinsent Masons, KPMG and Dar Al Shariah companies. On July 11, 2011 the final session of the tender committee was held. It focused on the assessment and analysis of bids prepared by the working group for introduction of Islamic banking in the IBA. According to the results of the meeting the committee members voted unanimously for the cooperation with a consortium of Salans, KPMG, Pinsent Masons and Dar al Shariah companies”- said the head of the group for the introduction of Islamic banking in the IBA - Behnam Gurbanzade.

Within 10 working days the bank will sign a contract on co-operation with a consultant. Within a week after signing a contract the joint work of the consultant with the working group of the bank on the implementation of the project is to begin. Completion of the first stage of the project and the beginning of a specialized structure’s activity is planned for autumn 2011.