Azerbaijani bank plans to sign new agreement with ICD in Islamic finance
Azerbaijan, Baku, July 3 / Trend A. Hasanov /
Azerbaijani TuranBank prepares to sign with the Islamic Corporation for Development of the Private Sector (ICD, part of the Islamic Development Bank) an agreement for the provision of the second credit line of Islamic Finance - Ijara (leasing) of $ 3.5 million, the bank told Trend on Tuesday.
"The first loan in the amount of $3 million granted in early 2012, is fully mastered. In the middle of last month we had a meeting with representatives of the ICD and plan in August to sign an agreement under the second line," the bank said.
As noted in the bank, the loan of the Islamic Corporation was used to fund projects in transportation and manufacturing.
Today, TuranBank is actively cooperating in the field of Islamic finance with the ICD and ITFC. Under cooperation with these financial institutions the bank offers products such as Murabaha (resale), two-step Murabaha and Ijara.
TuranBank was established in 1992. The bank has 25 shareholders, of which five - legal entities (21.8 percent) and 20 individuals (78.2 percent).