BAKU, Azerbaijan, May 8. The International Bank
of Azerbaijan (IBA) will soon introduce Murabaha credit for Islamic
financing, IBA Chairman of the Board Abbas Ibrahimov said at a
press conference dedicated to the bank's sustainability report
today, Trend
reports.
According to him, the bank has developed a Murabaha product in
connection with the opening of the Islamic banking window within
the framework of the special regulatory regime of the Central Bank
of Azerbaijan (CBA).
"Within the framework of the special regulatory regime, it is
planned to offer the Murabaha product to customers for financing
real estate and movable property registered in the official
register of resident legal entities and individual entrepreneurs.
The product is now fully ready. The lending amount will be from
100,000 manat ($59,000) to 5 million manat ($2.9 million). We
believe it will be available to customers soon," he noted.
Under the Central Bank’s special regulatory regime, effective
February 2, 2026, over the next year, Rabitabank OJSC will offer
clients products to attract funds from legal entities and
individuals based on the Murabaha mechanism in accordance with the
principles of Islamic banking, as well as to finance the fixed and
current assets of business entities through the Murabaha
mechanism.
