ITFC funds a credit line of $1.3 million for Azerbaijan’s TuranBank
Baku, Fineko/abc.az. International Islamic Trade Finance Corporation (ITFC, Islamic Development Bank Group) a credit line for Azerbaijan’s TuranBank for support of trading operations in non-oil sector, including the private sector, which serves as the development of small and medium businesses.
The Bank reports that due to the ITFC credit line of $1.3 million they plan to provide funding for potential projects for trading operations. The credit line is given by the Corporation for one year. The size of the loan to one borrower under the line can range up to $200,000.
Co-operation with international Islamic finance institutions enables the Bank to introduce sustainable products for "Islamic Banking".
TuranBank’s credit line discussions with the Corporation were held in early July of 2010.
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