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Azerbaijani bank to launch new product on Islamic banking in autumn

Business Materials 9 August 2011 18:46 (UTC +04:00)

Azerbaijan, Baku, Aug. 9 / Trend, N. Ismayilova /

Azerbaijani Nikoil Bank will launch a new product of Islamic banking in autumn this year, senior manager of Islamic banking product development at the bank's business development department Anar Yusufzade said.

"The bank lawyers complete developing a new product on Islamic banking," he said. "It will be an urgent deposit. It will be introduced in the market in November this year."

At present, a single product of Islamic banking in the market is "Wadia yad Daman".

The product is a savings deposit, which do not bear interest. The funds from the account may be taken at any time. The bank brought a product to the market in May this year.

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.

Nikoil Bank has been operating in Azerbaijan since 1997 after the founding of the Nikoil Azerbaijan Investment Company (AIC Nikoil). Since 1998, AIC Nikoil has been a shareholder of the Ulpar commercial bank. Topaz Investments purchased a controlling stake in Nikoil AIC in 2008. Nikoil Bank's shareholders are: Topaz Investments - 53.1 percent; CAIC Nikoil - 28.7 percent; Uralsib-Invest - 13.9 percent; and the ISR Holding - 4.3 percent.

The official exchange rate is 0.7866 manat to $1.

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