Azerbaijan's Rabitabank and ITFC sign letter of credit for $10 mln

BAKU. Sept 15 (Interfax) - Azerbaijan's Rabitabank and the International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank Group (IsDB), have signed a letter of credit facility agreement for $10 million, Rabitabank said in a statement.

"This historic agreement, the first of its kind in Azerbaijan, will play an important role in promoting trade finance in the private sector under Sharia law," according to the statement.

Established in 1993, Rabitabank is one of Azerbaijan's 10 leading banks, whose shareholders are 13 legal entities and individuals.