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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