OREANDA-NEWS. April 03, 2012. OJSC International Bank of Azerbaijan (IBA), occupying leading position at the country market, keeps on expansion to foreign markets.

The Bank’s Deputy Board Chairman Emil Mustafayev has reported that world crisis undoubtedly postponed physical implementation of earlier adopted decisions in this respect, but at present document turnover on expansion of IBA’s activity in Qatar direction is specifically worked out.

"We work in legal area, to be represented in Qatar. Form of presence depends on Qatar regulator’s decision, how fast we will move in this direction",- E. Mustafayev said.

Earlier IBA outlined plans for further expansion- Qatar in Middle East, Kiev in Ukraine and Istanbul in Turkey.

"Qatar has own specific regulatory base. To be represented there, one needs to meet requirements of Islamic banking. Accordingly, within International Bank we should develop Islamic window to a certain level to meet requirements in Qatar as well",- E. Mustafayev said.

IBA office in Qatar should meet Islamic banking requirements and the bank itself should have Islamic window to support activity of its office.

"Qatar direction is perspective in our point of view but energy-intensive- study and preparation of our internal team takes a long time. We do not have wide experience of Islamic financing at the market and would like to be pioneers in this issue ",- E. Mustafayev marked.

As early as last year IBA set draft outlines of opening of Islamic window.