BAKU, Azerbaijan, May 8. The International Bank of Azerbaijan (IBA) will soon introduce Murabaha credit for Islamic financing, IBA Chairman of the Board Abbas Ibrahimov said at a press conference dedicated to the bank's sustainability report today, Trend reports.
According to him, the bank has developed a Murabaha product in connection with the opening of the Islamic banking window within the framework of the special regulatory regime of the Central Bank of Azerbaijan (CBA).
"Within the framework of the special regulatory regime, it is planned to offer the Murabaha product to customers for financing real estate and movable property registered in the official register of resident legal entities and individual entrepreneurs. The product is now fully ready. The lending amount will be from 100,000 manat ($59,000) to 5 million manat ($2.9 million). We believe it will be available to customers soon," he noted.
Under the Central Bank’s special regulatory regime, effective February 2, 2026, over the next year, Rabitabank OJSC will offer clients products to attract funds from legal entities and individuals based on the Murabaha mechanism in accordance with the principles of Islamic banking, as well as to finance the fixed and current assets of business entities through the Murabaha mechanism.
