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IBA to issue new Islamic payment card

4 August 2014 10:42 (UTC+04:00)
IBA to issue new Islamic payment card

By Sara Rajabova

The International Bank of Azerbaijan, the major state-owned bank holding at least 40 percent of all bank assets in the country, is expanding its range of Islamic payment cards.

Director of the Islamic Banking Department of IBA Behnam Gurbanzade told Trend Agency that the bank is planning to release a new Islamic "Murabaha" plastic card in the near future.

"This is a trade installment card and the holder can make purchases in retail stores serviced by the IBA. The cardholder will have an opportunity to receive discounts and interest-free credit lines. This is the third product of the bank on the Islamic rule of plastic cards following "Qibla" and "Jasmine" cards," Gurbanzade said.

So far the Islamic Banking Department of the IBA, which began to offer the Islamic banking services from April 2013, has several products to offer to their clients such as two types of Ijarah - house financing and goods financing, Qard-Hasan (current account) - for Individuals and Corporate customers, Wakalah deposit - from 3 up to 120 months, Islamic Bank cards - Jasmine card, Qibla card. The IBA has already proceeded to work on Sukuk structuring.

The International Bank of Azerbaijan was founded in January 1992. The IBA is the largest bank in the country. The bank's main shareholder is the Azerbaijani government, which owns a 50.2 percent stake, while 49.8 percent of the shares are owned by private shareholders.

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