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International Bank Signed First Contract under Islamic Banking
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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