BAKU, Azerbaijan, October 6. The terms of the agreement between Rabitabank and the International Islamic Trade and Finance Corporation (ITFC) will be made public soon, president of the Azerbaijan Banks Association Zakir Nuriyev told reporters, Trend reports.
"Azerbaijan's Rabitabank and the International Islamic Trade and Finance Corporation (ITFC) signed a $10 million contract in September. This historic agreement, the first of its kind in Azerbaijan, will play an important role in promoting Sharia-compliant trade finance in the private sector. The terms of the agreement will be made public soon," he said.
Rabitabank and ITFC, part of the Islamic Development Bank (IsDB) group, signed a contract worth $10 million on the letter of credit confirmation mechanism in September 2023.
This agreement is intended to help Rabitabank expand its trade finance business in Azerbaijan for the private sector, especially small and medium-sized businesses.
This agreement was signed between Rabitabank Chairman of the Management Board Aydin Huseynov and ITFC CEO Hani Salem Sonbol. The mentioned funds will allow the bank to offer trade finance solutions and contribute to the development of Islamic finance in Azerbaijan.
In general, ITFC has provided assistance to various private sector clients in Azerbaijan in the amount of $83.4 million since 2009.