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Azerbaijan : INTERNAL Islamic finance in AZERBAIJAN reached grandmaster performance

August 2, 2014

The internal Islamic banking in Azerbaijan, without national Islamic banking legislation, obtained grandmaster performance.

Director of Islamic banking Department of the International Bank of Azerbaijan (IBA) Behnam Gurbanzadeh stated that Islamic finance in the country via the Department alone is about $215 million.

Gurbanzadeh stated "Islamic finance is available in a wide range of time for the period of 8 to 60 months. The average term of Islamic finance is about 18 months. It is mainly linked with the corporate finance."

Apart from the IBA specialized department, the country even has another full-fledged Islamic financial institution - leasing company Ansar Leasing, whose volume of business is few times less than the activity of the department.

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Source: TendersInfo (India)

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