Int’l Bank of Azerbaijan signs its first contract since Islamic window launch

Int’l Bank of Azerbaijan signs its first contract since Islamic window launch The International Bank of Azerbaijan (IBA) and the Islamic Corporation for Development of Private Sector (ICD) have signed the $20 million Commodity Murabaha Agreement. “Commodity Murabaha means sale of certain specified commodities, through a metal exchange, on a cost plus profit basis,” IBA Islamic Banking Director Behnam Gurbanzadeh said, Fineko reports. The one–year IBA-ICD contract is... Read More