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International Bank of Azerbaijan signs first contract in frame of Islamic window

International Bank of Azerbaijan signs first contract in frame of Islamic window

Azerbaijan, Baku, Sept 11 /Trend/

International Bank of Azerbaijan (IBA) announced signing of the Commodity Murabaha Agreement with Islamic Corporation for Development of Private Sector (ICD) for amount of $20 million.

"Commodity Murabaha means sale of certain specified commodities, through a metal exchange, on a cost plus profit basis" Director of Islamic Banking in IBA Behnam Gurbanzadamentioned.

The contract signed between IBA and ICD is for 1 year period and based on Palladium trading.

IBA launched Islamic Window last week and today Bank already announced about his first transaction.

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