Azerbaijan signs Islamic financing agreement

Rabitabank signed its first loan agreement with Alizadeh LLC, facilitated by the Islamic Corporation for the Development of the Private Sector (ICD).

Azernews reports that this significant step aims to meet the trade financing needs of small and medium-sized enterprises (SMEs) in Azerbaijan and support the development of financial solutions in line with Islamic principles.

The signing ceremony was attended by Orhan Gultekin, the First Deputy Chairman of Rabitabank's Board, and Kazim Mustafazade, the Director of Alizadeh LLC. In his speech, Orhan Gultekin noted that this loan agreement is not only a crucial milestone in Rabitabank's operations but also serves the purpose of expanding the Islamic Corporation's (ICD) financial services market in Azerbaijan.

"As Rabitabank, we consider it our duty to support the emergence of new opportunities in our country's financial system and ensure the development of local entrepreneurs," he added.

Kazim Mustafazade, Director of Alizadeh LLC, emphasized that the agreement with Rabitabank would strengthen their trade activities and market position. He also highlighted that this opportunity is not only significant for their business but also for the development of the country's economy.

It was noted that Rabitabank's cooperation with the Islamic Corporation for the Development of the Private Sector is an important step towards expanding Sharia-compliant financial solutions in Azerbaijan and enhancing the competitiveness of local businesses in international markets.

Currently, Rabitabank offers a wide range of banking services to its customers through 28 service points, 75 ATMs, the Rabita Mobile application, an Internet Banking platform, the RabitaBot chatbot, and the 133 Call Center, covering 16 regions and the city of Baku.