Azerbaijani Investment Company to Participate in Islamic Investment Company & Fund

Business Materials 8 December 2006 12:03 (UTC +04:00)

The Azerbaijan Investment Company (AIC), a joint-stock corporation, has announced its plans to participate in the Islamic Investment Company, which was initiated by the Islamic Bank for Development within the framework of an international investment conference with the participation of Arab institutions, Trend reports.

Riad Gasimov, the Deputy Executive Director of AIC, announced that the participation share of AIC in the investment company to be established upon Shariat principles will be a minimum of 10-15%. Several other banks will be included as shareholders of the investment company with a capital of $100 mln.

Furthermore, AIC is considering possible opportunities for establishment of the Fund. In its initial phase, talks are taking place with the international banks on the formation of the fund with a capital of $50-60mln, Gasimov stated. AIC plans to confirm details of it plans after the talks in February or March