Azerbaijani bank publicizes results on first Islamic banking product
Azerbaijan, Baku, April 20 / Trend, N.Ismayilova /
Azerbaijani Nikoil Bank could attract about 150,000 manat during the first month of rendering services on Islamic banking product "Vadia yad Daman", the bank's leading manager on Islamic banking products development under the Business Development Department Anar Yusifzade said today. The products reflects savings account, which does not carry interest, and funds can be taken from the account at any time.
"About 100 accounts have been opened in Nikoil Bank a month after launching the first product of the bank, which meets the requirements of Islamic banking and does not contradict the norms of the Azerbaijani legislation," Yusufzade said.
He said said the population displays great interest, and the bank hopes for a significant increase in portfolio on this product by late 2011.
At present, Nikoil Bank is the first Azerbaijani bank rendering similar service. Earlier International Bank of Azerbaijan, Amrahbank, Turanbank, Texnikabank voiced their intentions to render Islamic banking services.
The official exchange rate is 0.7918 manat to $1 on April 20.