International Bank of Azerbaijan (IBA) and the Islamic Corporation for the Development of the Private Sector (ICD) signed an agreement on the Commodity Murabaha at $ 20 million.
According to the report of the bank, the contract between the IBA and the ICD for a period of one year was formed on the deal in the sale of palladium.
Commodity Murabaha is an international contract of sale of certain products through the exchange of valuable metals including trade margin.
IBA signed its first contract with the requirements of Shariah in less than a week after the launch of its Islamic windows. - 15D -
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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