Azerbaijan bank to target UAE for $300m sukuk

International Bank of Azerbaijan (IBA) plans to target the UAE and other Gulf investors as it plans to issue $200-$300 million debut sukuk this year, its senior manager Behnam Gurbanzade said. He further said the bank would issue sukuk in the second half of this year in order to widen its credit policy, develop business and attract alternative sources of financing. The bank, 50.2 percent owned by the Ministry of Finance, holds 40 percent of banking assets in the country. In 2014, IBA raised $252 million through an Islamic syndicated loan from UAE-based Al Hilal Bank, Dubai Islamic Bank and Noor Bank.