(Source: By A.Hasanov, Trend News Agency, Baku, Azerbaijan (MCT) - Azerbaijani TuranBank prepares to sign an agreement for the provision of the second credit line of Islamic Finance – “Ijara” (lease) in the amount of $3.5 million with the Islamic Corporation for Development of the Private Sector (ICD is part of the Islamic Development Bank), the bank told Trend on Monday.
“The signing of the agreement is expected within the next two weeks,” the bank noted.
The first loan in the amount of $3 million, granted in the beginning of this year, has been completely mastered. In June this year the bank held a meeting with representatives of the ICD and plans to sign an agreement in the frame of the second line.
It is stated in the information that means of the first credit line of the Islamic Corporation for Development of the private sector were used to fund projects in transportation and manufacturing.
Today, TuranBank is actively cooperating in the field of Islamic finance with the ICD and ITFC. In cooperation with these financial institutions, the bank offers such products as Murabaha (re-sale), two-stage Murabaha and Ijara.
TuranBank was established in 1992. The bank has 25 shareholders, 5 of which – legal persons (21.8 percent) and 20 individuals (78.2 percent).
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