(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 14. The
International Islamic Trade Finance Corporation (ITFC) is
considering opportunities to expand Islamic finance deals in
Azerbaijan, Hani Salem Sonbol, executive director of ITFC, part of
the Islamic Development Bank (IDB) group, told reporters, Trend reports.
"Talking about the prospects of introducing Islamic financial
tools, we see a positive beginning in cooperation with Rabita Bank,
for example, and we believe that it will actively explore and
introduce Islamic financial products. In our opinion, the
transformation of existing banks or the creation of specialized
units for Islamic banking is inevitable, as the mechanism of this
financial system is feasible and meets the needs of the region.
These steps can have a positive effect on the economic development
of Azerbaijan and neighboring regions," he said.
The International Islamic Trade Finance Corporation is a member
of the Islamic Development Bank Group and was established with the
main purpose of trade development.
The IDB Group maintains strong relations with Azerbaijan and
seeks to contribute to its socio-economic development. The Group is
implementing projects worth about $1.2 billion in Azerbaijan.
The portfolio includes $956 million in IDB financing, $120.2
million in ICD (Islamic Corporation for the Development of the
Private Sector) approved financing, $83.4 million in ITFC trade
operations, and $19.4 million in other IDB Group funds and
operations.
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