People interested in Islamic banking product in Azerbaijan
Azerbaijan, Baku, Oct.14 / Trend, N. Ismayilova /
Azerbaijani Nikoil Bank highlights continued public interest in a single Islamic banking product on the market - "Wadia yad Daman", senior manager of Islamic banking product development at the bank's business development department Anar Yusufzade told Trend on Friday.
The product is a savings deposit, which does not bear interest, and funds from the account may be withdrawn at any time. The bank brought the product to market in May 2011.
Yusufzade said as the "Wadia yad Daman" product is not urgent, this product portfolio is constantly changing.
"So far, over 100 accounts have been opened on this product in Nikoil Bank, worth $96,000 manat in total," he said.
Yusufzade said two weeks earlier the product portfolio hit 79,500 manat, and during late last week - 98,200 manat. Thus, as statistics show, the population's interest in this product remains stable.
Nikoil Bank began providing Islamic banking services in 2011. Previously, Amrahbank, Turanbank, and Texnikabank announced the intention to provide 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 0.7869 manat to $1 on Oct.14.