UAE Noor Bank plans to invest in Turkish pipeline project
Azerbaijan, Baku, Nov.3 / Trend, A. Taghiyeva /
Noor Islamic Bank (UAE) plans to invest about $600 million in Turkey's pipeline project, the bank told Trend on Thursday.
The Bank declined to disclose the name of the pipeline project, in which investments will be made.
"The Bank considers making large investments in Turkish economy, including investments are planned to be made in one of the pipeline projects," the bank said.
Noor Islamic Bank has conducted financial transactions worth $1.4 billion in Turkey within 18 months, and these financial transactions were conducted in the form of funding for some projects, the bank said.
The bank has chosen Turkey for financial transactions due to the fact that this country has a developed economy, which is not affected by economic crisis.
"Turkey combines European, Central Asian and Middle Eastern economy elements, and if economy of one of these regions suffers, this does not significantly affect Turkey," the bank said.
Also, according to the Bank, Turkey successfully practises elements of Islamic banking, and Noor considers boosting cooperation with this country's banks.
Noor Bank also considers opening its branch in Turkey, the Bank said.
Noor Islamic Bank was founded in 2007 in the UAE. This bank operates on the Islamic banking principles.