The Kauthar bank is one of the first commersial banks in Azerbaijan. The Kauthar Bank JSC has been working in Azerbaijan's bank sector since 1988. The previous name of the bank was "Universal Bank".
The new regulation of the bank was affirmed at the stockholders meeting on 10 March, 2001 and on 24 September, 2001 it was registered under the name of the Kauthar bank in the Ministry of Justice, on 21october 2002 the National bank gave the Kauthar Bank the licence number 02-10/381 for all kinds of bank activity. The Kauthar Bank JSC was registed in Baku in the branch of the Department Taxes number 1 with INTP 1300174701. Then it began to apply the Islam banking methods. It is the first bank in Azerbaijan and the second bank in CIS countries that works according to the Islam banking system. The regulation capital of bank is 12.02 million manatas, shares consist of 50100 ordinal and privilege shares.
The structure of the regulation of the bank capital is as the following:
- The share of the state organization - 0.04 %
- The share of the private organization - 0.084
- The residental physical person`s share - 93.01 %
- The share of the foreign capital - 6.87 %
The assets of the bank has increased from 320 thousand manats to 21.8 million manats during last 7 years. The licence of the bank gives an opportunity it to use all sorts of bank services applied in the practice of the world banking. It is served to state organizations,the physical and juridical persons who work in a private sector. Bank also works on increasing of the kinds of bank service and improving their quality. Our bank has given up the operation of giving credit to the purchasers with the Islam banking point of view since 2002.
The number of juridical and physical purchasers of our bank is over 1000.
The bank has correspondent relations with the famous banks of the countries such as Germany,Austria,Turkey,Ukraie,Russia and etc and it is closely connected with the businessmen from Japan,Saudi Arabia and England.
Bank has two branches. One of them is in Barda and the other is in Baku.