Bank Nikoil Increases Islamic Financing

Local Investment - commercial bank Nikoil within the framework of Islamic Finance plans in 2015 to raise about $ 10 million, said the Chairman of the bank Vasily Khamaza.

Recently, Deputy Chairman of the Board visited Bahrain and also led the negotiations with the representatives of Yemen. He received the support, so I think that in the coming months we will attract resources under the laws of Islamic Finance. This will increase the volume of investments, primarily in the leased area. We have seen a positive assessment of investors. Those projects that we proposed in the first place are construction, investment and leasing and they found approval, " he said at a press conference yesterday.

According to him, negotiations are underway with one investor from Yemen and two from Bahrain. "We have a small portfolio of Islamic Banking. The product that meets the requirements of Islam came to us in 2008. We are one of the first ones that have certified it accordingly in the East. But without seeing some kind of response from the market, were did not invest seriously in this. The amount of deposits is small - about 200 thousand manat," said the financier, noting that while the bank developed a direction associated with the deposits within Islamic Banking before, investment projects will be developed from now on.

OJSC Bank Nikoil has been operating in Azerbaijan since 1994. Its shareholders are Topaz Investment, Joint Stock Company Nikoil and ISR Holding. --17D-