OREANDA-NEWS.  June 13, 2013. The International Bank of Azerbaijan (IBA) has announced that Emirates NBD Capital Limited, Barwa Bank, JP Morgan Ltd and Noor Islamic Bank PJSC (together the leading organizers) have received from the IBA the authority to raise USD 100 million on syndicated scheme of financing the Murabahah on Raw Materials.

According to the Bank, the subsidies are given for 18 months. The IBA will direct funds for development of Islamic finance in Azerbaijan.

Concessions were granted to the general syndicate, consisting mainly of banks from the Middle East and Asia. Recently, the IBA together with the organizers held a series of presentations and meetings in the United Arab Emirates, Bahrain and Qatar.

The IBA products and services were certified by consulting firm Dar al Shariah and is compliant with standards AAOIFI (Organization for Accounting and Auditing Organization for Islamic Financial Institutions).