Finance

Home page

Finance

One more Azerbaijani bank attracts big foreign loan for Islamic financing

04 March 2014 13:59 (UTC +04:00)

Baku. Agshin Rafigoglu – APA-Economics. Azerbaijan-based Turanbank OSC has attracted $5m loan.

The Bank told APA-Economics that 5-year contract has been signed with the Islamic Corporation for the Development of the Private Sector (ICD) affiliated with the Islamic Development Bank.

This is the 5th contract signed by the bank on the Islamic financing projects. In the field of Islamic financing, Turanbank is actively cooperating with ICD and International Islamic Trade Finance Corporation (ITFC). Turanbank is realizing the Islamic banking products Murabahah, Wakala, two-stage Murabahah.

One of the major targets of Turanbank for 2012-2015 is to finance small and medium-sized entrepreneurship and open Islamic banking window that will enable to present a wide range of Islamic banking products.