Azerbaijan’s Amrahbank, Int’l Islamic Trade Finance Corporation will cooperate

Azerbaijan’s Amrahbank cemented its relationship with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, with the second $1.5mlm trade finance agreement.

As a recognized provider of trade solutions for its member countries' needs, the International Islamic Trade Finance Corporation (ITFC) is pleased to announce its second cooperation experience with AmrahBank, Chief Executive Officer of ITFC Mr. Waleed Al-Wohaib said.

“This cooperation fulfills ITFC's primary goal of catering for the needs of SMEs which have reflected AmrahBank's commitment to this end. AmrahBank exhibited sound financial discipline and proved itself to be efficient in the utilization of our line of financing. With this in mind, we have taken the decision to reinforce our cooperation with AmrahBank, increasing our financing by 50% to reach USD1.5 million."

Chairman of the Management Board of Amrahbank, r. Emil Mammadov said the agreement opens the doors of new opportunities and collaboration between the two institutions in finding new trade finance solutions for the benefit of Small and Medium Enterprises (SME)’s , that will enhance the productive and active role that SMEs play in a domestic business market and help them grow into larger and more significant businesses, and hereby contribute in the development of the Azerbaijani economy.

The ITFC commenced operations on January 10, 2008, with an Authorized Capital of $3 billion. As a member of the Islamic Development Bank (IDB) Group, ITFC inherited the pioneering mantle of its trade finance expertise and its application of innovative Islamic finance products developed over a period of more than 30 years to develop markets and trading capacities to help the member countries of the Organization of the Islamic Conference (OIC) do business more effectively amongst themselves and with the rest of the world.

Amrahbank is one of the oldest (est. in 1993) and leading commercial banks of Azerbaijan. It offers wide range of retail and corporate banking products and services such as the opening of current accounts, plastic card services, documentary operations, retail and business loans, currency exchanges, local and international money transfers, utility bills and mobile operator subscription payment services, interbank deposits and loans, business consultations and other banking services. Recent strategic partnership with the Bahrain based International Investment Bank (through 49% shareholding), has played a key role in further development of various spheres of Amrahbank’s activity such as corporate governance, international cooperation, array and quality of products & services, etc.


/Today.Az/