Azerbaijan expands range of Islamic payment cards

Baku, Azerbaijan, July 31
By Zulfiyya Gurbanova - Trend:

International Bank of Azerbaijan (IBA) is expanding its range of Islamic payment cards, Director of the Islamic Banking Department of the International Bank of Azerbaijan (IBA) Behnam Gurbanzade told Trend.

The bank is planning to release a new Islamic "Murabaha" plastic card in the near future, he said.

"This is a trade installment card and the holder can make their purchases in retail stores serviced by the IBA. The cardholder will have the opportunity to receive discounts and interest-free credit lines. This is the third product of the bank on the Islamic rule of plastic cards following "Qibla" and "Jasmine" cards," Gurbanzade said.

As of July 1, 2014, the number of active IBA plastic cards was 2,035,532 ATMs - 709, POS-terminals - 7,399.

The International Bank of Azerbaijan was founded in January 1992. The IBA is the largest bank in the country. The bank's main shareholder is the Azerbaijani government, which owns a 50.2 percent stake, while 49.8 percent of the shares are owned by private shareholders.

Edited by CN

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