Azerbaijan, Baku, Aug. 9 / Trend, N. Ismayilova /
Azerbaijani Nikoil Bank stressed the population's growing interest in a single product of Islamic banking in the market - "Wadia yad Daman", senior manager of Islamic banking product development at the bank's business development department Anar Yusufzade said.
The product is a savings deposit, which do not bear interest. The funds from the account may be taken at any time. The bank brought a product to the market in May this year.
"The portfolio for this product is constantly changing because it is not urgent," he said. "At present, Nikoil Bank opened about 100 accounts for the product in the total amount of 88,000 manat."
Nikoil Bank is the first Azerbaijani bank rendering similar service. Earlier International Bank of Azerbaijan, Amrahbank, Turanbank, Texnikabank voiced their intentions to render Islamic banking services.
Nikoil Bank has been operating in Azerbaijan since 1997 after the founding of the Nikoil Azerbaijan Investment Company (AIC Nikoil). Since 1998, AIC Nikoil has been a shareholder of the Ulpar commercial bank. Topaz Investments purchased a controlling stake in Nikoil AIC in 2008. Nikoil Bank's shareholders are: Topaz Investments - 53.1 percent; CAIC Nikoil - 28.7 percent; Uralsib-Invest - 13.9 percent; and the ISR Holding - 4.3 percent.
The official exchange rate is 0.7866 manat to $1.