Sunday, June 09, 2013

Azerbaijani bank’s murabaha will develop Islamic banking market

The central Asian republics have seen limited growth in Islamic banking but International Bank of Azerbaijan's recent $100 million syndicated murabaha to finance its new Islamic window opens up another market to Islamic banking.  

The opening of one Islamic window is not likely to swing the gates to CIS open wide to Islamic financial institutions, but the participation of the International Bank of Azerbaijan is likely to represent broader government support (by virtue of the Ministry of Finance’s 51% ownership of the bank) for changes that will likely have to be enacted to facilitate Islamic finance in the country.

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