ECONOMY
TuranBank continues to actively cooperate with the ICD
Baku, January 19 (AZERTAC). In cooperation with the Islamic Corporation for Private Sector (ICD, Islamic Development Bank Group) in 2008, TuranBank used "Islamic financing" instrument Ijara (Leasing). By agreement of ICD, this financing instrument is aimed at financing the transport sector. Under the terms of the instrument, project funding provided for 5 years including one year as a grace period. According to the second "Wakala" agreement with ICD, is authorized as an agent to use financing tool of "Murabaha" as well under different ownership rights with the above mentioned terms.
In the direction of Islamic finance, TuranBank is actively cooperating with the Islamic Corporation for Private Sector Development (ICD, Islamic Development Bank Group) and the International Islamic Trade Finance Corporation (ITFC, Islamic Development Bank Group).
Within the framework of the funding lines of above mentioned international financial institutions TuranBank provides Islamic banking products "Murabaha (resale), two steps Murabaha and" Ijara".