IBA signs first Islamic Window contract
International Bank of Azerbaijan (IBA), which launched the Islamic Window last week, announced on Tuesday signing of the Commodity Murabaha Agreement with Islamic Corporation for Development of Private Sector (ICD) in the amount of $20 million.
"Commodity Murabaha means sale of certain specified commodities, through a metal exchange, on a cost plus profit basis," Director of Islamic Banking in IBA Behnam Gurbanzada said.
The contract signed between IBA and ICD is for 1 year period and based on Palladium trading.
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