Azerbaijan, Baku, September 25 /Trend, E.Aliyev/
The International Bank of Azerbaijan (IBA) develops projects to attract investments to the country from Islamic financial markets, IBA Islamic Banking Department head Behnam Gurbanzade told Trend on Wednesday.
"At present, a variety of projects in this sphere are being prepared and discussed, relations with foreign partners are established. Some of the projects have already been submitted to the study of foreign investors," he said.
Speaking about the results achieved in this sphere, Gurbanzade especially emphasized an agreement (worth of $ 20 million ) signed in 2012 with the Islamic Corporation for the Development of the Private Sector (ICD) on "Murabaha" , as well as a big deal (worth of $100 million) with several UAE banks on attracting syndicated "Murabaha" .
"The activities of the IBA in the field of Islamic banking are not confined to attracting investment. Some other directions are: access to domestic and foreign markets and intensifying of activity there, active participation in international economic platforms, as well as work to improve the legal framework, taking into account the norms of Islamic banking to avoid double taxation " the department head said.
The first and the only "Islamic window" in Azerbaijan operates in Azerbaijani International Bank. The "Islamic window" offers the products of the Islamic banking to the customers.
The International Bank of Azerbaijan was founded in January 1992 and is the largest in the country. The bank's main shareholder is the Azerbaijani government which owns a 50.2 per cent share with a 49.8 per cent of share owned by private individuals and legal entities.
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