OREANDA-NEWS. September 18, 2012. International Bank of Azerbaijan (IBA) announced signing of the Commodity Murabaha Agreement with Islamic Corporation for Development of Private Sector (ICD) for amount of USD20 million, reported the press-centre of   IBA.

"Commodity Murabaha means sale of certain specified commodities, through a metal exchange, on a cost plus profit basis" Director of Islamic Banking in IBA Behnam Gurbanzada mentioned.

The contract signed between IBA and ICD is for 1 year period and based on Palladium trading.