It was necessary to establish a Banking Ombudsman Institute in order to achieve enhancing of customers’ trust in banks and to find solution to disputes between banks and customers prior to courts. This institute can ensure the out-of-court settlement of disputes that may occur between banks and customers. The main purpose of the establishment of the institute is to achieve the formation of relationships based on trust between banks and customers by resolving disputes with the help of the Banking Ombudsman.
The decision on the establishment of the Banking Ombudsman was adopted at the meeting of the General Assembly of Azerbaijan Banks Association on 3 February 2017. At the same time, the meeting has approved the Statute and Regulation on Banking Ombudsman. Ikram Haydar oglu Karimov was elected to the position of a Banking Ombudsman at the next meeting of the Presidium of Azerbaijan Banks Association held on 14 April 2017.