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ITFC provides TuranBank credit line of $ 1.3 million

04 November 2010 13:51 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. TuranBank in early July held discussions with the corporation to continue using the line of credit to support trading operations in non-oil sector, including the private sector, which serves as the development of small and medium businesses.

Using the credit line provided by ITFC $ 1,3 mln, TuranBank plans to provide funding for potential projects for trading operations. The credit line provided by the corporation for a period of one year. The size of the loan to one borrower under the line provided will start from $ 200 thsd.

Established by Islam Development Bank group, Islamic Trade Finance Corporation (ITFC) has launched on 24 February 2007. ITFC formed with a capital of $ 300 million and is designed for all 56 member countries of the Islamic Bank. Main objective of ITFC is to increase the trade between Member States of the Organization of Islamic Conference.

To date, TuranBank in the direction of Islamic finance is actively cooperating with the Islamic Corporation for Development of Private Sector (ICD, Islamic Development Bank Group) and the International Islamic Trade Finance Corporation (ITFC, Islamic Development Bank Group).

Cooperation with international Islamic finance institutions enables the bank to introduce sustainable products for "Islamic Banking".

Turanbank has been in operation since 1992. The bank operates 11 branches, 12 ATMs and 73 POS-terminals across the country.