BAKU, Azerbaijan, September 14. The International Islamic Trade Finance Corporation (ITFC) is considering opportunities to expand Islamic finance deals in Azerbaijan, Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC), told reporters, Trend reports.
"Talking about the prospects of introducing Islamic financial tools, we see a positive beginning in cooperation with Rabita Bank, for example, and we believe that it will actively explore and introduce Islamic financial products. In our opinion, the transformation of existing banks or the creation of specialized units for Islamic banking is inevitable, as the mechanism of this financial system is feasible and meets the needs of the region. These steps can have a positive effect on the economic development of Azerbaijan and neighboring regions," he said.
The International Islamic Trade Finance Corporation is a member of the Islamic Development Bank Group and was established with the main purpose of trade development.
The IDB Group maintains strong relations with Azerbaijan and seeks to contribute to its socio-economic development. The Group is implementing projects worth about $1.2 billion in Azerbaijan.
The portfolio includes $956 million in IDB financing, $120.2 million in ICD (Islamic Corporation for the Development of the Private Sector) approved financing, $83.4 million in ITFC trade operations, and $19.4 million in other IDB Group funds and operations.