IBA signs first contract in frame of Islamic window

International Bank of Azerbaijan (IBA) announced signing of the Commodity Murabaha Agreement with Islamic Corporation for Development of Private Sector (ICD) for amount of $20 million.

"Commodity Murabaha means sale of certain specified commodities, through a metal exchange, on a cost plus profit basis" Director of Islamic Banking in IBA Behnam Gurbanzadamentioned.

The contract signed between IBA and ICD is for 1 year period and based on Palladium trading.

IBA launched Islamic Window last week and today Bank already announced about his first transaction.


/Trend/