IBA’s syndicated loan named as most successful Islamic banking deal of 2013
International experts of the Islamic Financial News and representatives of leading Islamic banks assessed the deal on syndicated loan attracted by the International Bank of Azerbaijan (IBA) within the Islamic banking as the most successful international deal of 2013,AzerTag state news agency reported.
IBA signed a deal with Barwa Bank, Emirates NBD Capital and JPMorgan and Noor Islamic Bank to attract syndicated loan as part of Murabahah (Islamic banking product) in July, 2013.
The initial volume of the loan was $100m, and since there were more orders the amount rose to $120.5m.
The IBA, established in 1992 as a successor of the Azerbaijani branch of Vnesheconombank, holds a leading position in the domestic banking sector. The main shareholder of the bank is the Azerbaijani government, which holds a 50.2 percent stake, and 49.8 percent is owned by private individuals and legal entities.