International Bank of Azerbaijan (IBA), the country’s biggest lender, plans to raise $150 million through an Islamic syndicated loan early next year and double its Islamic banking assets by the end of 2013, according to a senior executive.
Behnam Gurbanzada, IBA’s director of Islamic banking, said the bank planned to sign a mandate in January and close the deal in April. The one-year private syndication would be the first of its kind in Azerbaijan and would help IBA cater to the estimated 93 percent of its 9 million population who are Muslim………………………………………..Full Article: Source