OREANDA-NEWS. January 22, 2014. The first deal of the International Bank of Azerbaijan (IBA) within the Islamic banking has been recognized the best international transaction.

The Bank informs that according to the assessment of international experts of Islamic Financial News (IFN) and representatives of the leading Islamic banks, the transaction on syndicated financing for the IBA was recognized the best deal of 2013 in the field of Islamic finance.

In July 2013 the IBA signed a mandate agreement with Barwa Bank, Emirates NBD Capital, JPMorgan and Noor Islamic Bank with the purpose to organize a transaction on syndicated funding within commercial "Murabaha". The initial amount of the transaction was USD 100 million, but the bids exceeded this amount, and the IBA raised USD 120.5 million.

The IBA, being a non-Islamic financial institution, develops Islamic banking through the so-called "Islamic window"