Azerbaijani bank expands range of Islamic financing instruments

TuranBank, in cooperation with the Islamic Corporation for Private Sector (ICD, Islamic Development Bank Group) since 2008, has begun using "Islamic financing" instrument Ijara.
According to the agreement made with ICD, this financing instrument has the purpose to finance the transport sector. Under the terms of the instrument, project funding provided for 5 years including one year as a grace period.