Azerbaijan bank plans $150m Islamic loan

International Bank of Azerbaijan (IBA) considers to raise $150m using an Islamic syndicated loan at the beginning of 2013. Thus, the bank intends to double its Islamic banking assets by the end of next year. According to the bank's director of Islamic banking - Behnam Gurbanzada - signing a mandate in January and closing the deal in April is planned. The deal will be a one-year private syndication. It will contribute to IBA's intention to cater to the estimated 93% Muslims of its 9 million population.

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