Baku, Fineko/abc.az. TuranBank OJSC intends to open a window of “Islamic banking”.
The Bank informed that currently there are many Moslems, wishing to invest their funds in compliance with principles Islamic banking.
“At present there is a separate client base in the market, which wants to be served according to standards of Islamic banking.
Given all it, TuranBank plans to analyze all opportunities of application of products of Islamic banking and to open a window for Islamic financing,” it was informed.
In connection with the aforesaid, the Bank intends to co-operate with the Islamic Research and Training Institute (IRTI), which is a member of the Islamic Development Bank Group, and the number of other institutions of Gulf States.
TuranBank has already established cooperation with the Islamic Corporation for the Development of the Private Sector (ICD) within the framework of «Murabaha - resale», which is a product of Islamic banking.
09.03.2010 13:45
- Azerbaijani banks’ net profit drops 2.24-fold
- Azerbaijan’s banking system capital increases by formal 0.8%
- Azerbaijan’s banking system assets drop by $450 million for month
- AZN 310 million withdrawn from Azerbaijani banks only for July
- Repaying on bank loans in Azerbaijan exceeds issue of loans by 33.7% - AZN 202 million withdrawn from market
- Net surplus of Azerbaijani banks in regard to deposits of legal entities and individuals makes AZN 186 million
- Azerbaijan banks’ turnover of payment cards exceeds AZN 4.175 billion
- Azerbaijan banks’ earnings from currency sales tops $3.98 bn
- Azerbaijan’s cash flow exceeds $27.2 bn with creation of money for $0.714 billion
- External obligations of commercial banks and domestic assets reach second historic maximum
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