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Small and medium size enterprises in regions of Azerbaijan will get access to Islamic Finance

Small and medium size enterprises in the regions of Azerbaijan will get access to Islamic Finance, Director of Islamic Banking Department of the International Bank of Azerbaijan Behnam Gurbanzadeh told Trend on Monday.

“We are planning the implementation of the new products and services. First of all we mean the financing of SMEs in the regions of the country. The disbursement of long term loans is designed and planned for each field of enterprises. Especially for industrial and agro production long term loans will be provided taking into account the costs and pay-back period of a project. Special focus will be devoted to the agricultural sector since this field of industry is one of the main to be developed. Furthermore, we are planning to design separate models of financing for the construction sector, light and food industry. In summary, we aim to ensure that our products and services will contribute to the development of domestic enterprises and middle class business in consequence of active development and diversification of the Azerbaijan economy”-told Gurbanzadeh.

Further in his words, the bank plans the emission of the new card products, introduction of the mortgage financing with long-maturity, commercial financing, new models of LC in compliance with Sharia.

The International Bank of Azerbaijan was established in January 1992. The bank’s main shareholder is the Azerbaijani government, which holds 51.07 percent of shares while private individuals and legal entities hold the remaining 48.93 percent.

IBA started rendering Islamic banking services in 2003, becoming the first in the domestic banking market. The bank has been providing services in this sphere with the resources attracted from the IDB group.

IBA announced the launch of "Islamic window", created within the framework of the project on introduction of Islamic banking in Azerbaijan in September 2012. Later, the Islamic Banking Department started its activities as a separate unit of the Bank based on decision of the IBA Executive Board. "Islamic window" of the IBA began providing services to customers in April. The range of services offered by the Islamic Banking include such Islamic banking products as Ijara - analogue of the traditional leasing, Vakala deposit - analogue of the traditional deposit, Islamic banking cards, opening Gard Hassan accounts.

Islamic Banking portfolio of the IBA is 526 million US dollars.


Added:17 August, 2015 07:10, Views:1585, ]]>Print]]>
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