Baku, Finance Time.   International Bank of Azerbaijan (IBA) announced signing of the Commodity Murabaha Agreement with Islamic Corporation for Development of Private Sector (ICD) for amount of USD 20,000,000.

“Commodity Murabaha means sale of certain specified commodities, through a metal exchange, on a cost plus profit basis” –mentioned Behnam Gurbanzada, Director of Islamic Banking in IBA.

The contract signed between IBA and ICD is for 1 year period and based on Palladium trading.

IBA launched Islamic Window last week and today Bank already announced about his first transaction.