Bank Of Baku

IDB intends to establish insurance company in Azerbaijan

IDB intends to establish insurance company in Azerbaijan
# 12 October 2012 12:48 (UTC +04:00)
Istanbul. Ali Ahmedov – APA-Economics. Islamic Development Bank intends to establish insurance company in Azerbaijan, said the Head of Department of Co-operation in Eastern Europe and the CIS of the Islamic Corporation for the Development of the Private Sector (ICD) Murad Yadniyev.

He says initial preparatory works on establishment of company is being continued: “Bank’s partner in this project is Amrahbank OJSC”.

According to Yadniyev, under the Islamic Bank’s rules, its equity in joint companies must be below 34%.

He also noted that, IDB’s loan portfolio in Azerbaijan was not limited: “If there are good projects, we are ready to allocate loan for them”.
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