International Bank of Azerbaijan (IBA) is planning to release a new Islamic ‘Murabaha’ plastic card in the near future.

IBA director of the Islamic Banking Department Behnam Gurbanzade told Trend Agency that this is a trade installment card and the holder can make purchases in retail stores serviced by the IBA.

"The cardholder will have an opportunity to receive discounts and interest-free credit lines. This is the third product of the bank on the Islamic rule of plastic cards following ‘Qibla’ and ‘Jasmine’ cards," Gurbanzade added.

The Islamic Banking Department of the IBA has been offering the Islamic banking services since April 2013.

Founded in January 1992, IBA is the largest bank in the country. The bank’s main shareholder is the Azerbaijani government, which owns a 50.2%, while the remaining 49.8% stake is owned by private shareholders.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.