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.