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Azerbaijan’s largest bank expands sources of Islamic finance

Posted on 10 August 2012

The International Bank of Azerbaijan (IBA) is preparing to sign a memorandum on further cooperation with the Islamic financial institutions and a loan agreement under the attraction of Islamic finance Murakhaba, the head of the working group on introduction of Islamic banking in the IBA Behnam Gurbanzade said.
“Prior to August 10 the formation of a pool of participants from the Islamic financial institutions will be completed. Total amount of funding varies from $20 million. One large financial institution collects credit funds from other investors, and on its behalf submits to the IBA,” Gurbanzade said………………………………………..Full Article: Source

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