Basic principles

  The bank renders bank services on the basis of license of the National Bank of Azerbaijan. Some of these services will be extended and applied in new forms.
  The main purpose of the Islamic banking is definitely deletion of usury and interests from economic relations and provision of the financial-credit system. Therefore, among its services bank gives preference to the traditional Islamic bank products.
  It becomes possible combination of idea and activity for any work or project preparation (investment of money and labour) and organisation of any joint activity or trade with the mudaraba, which is taken as a principle in the Islamic bank activity.
  The bank and its partner fulfill any project by mutual profits and losses sharing agreement. Mudaraba is the most applied principle in the Islamic banking.
 The second important principle of the Islamic banking is musharaka which is association of the capital by several persons for joint financing of the project; losses are divided by the parties proportionally to share of each participant in the total capital, and the profit can be divided by any order coordinated by the parties.
Murabaha principle is classical Islamic juridical conception. It is the contract between bank and its client about purchase of the certain goods by bank and their resale to the client under the special price including in advance coordinated margin (a difference between purchase and sale) which makes profit of bank.
  In Islamic bank system only for lended money during operations very low administrative service payment is collected.
  Above mentioned principles implicate sustainable financing of investment projects in economy of the country and this allows long term and reliable allocation of funds and increases the volume of clients' bank operations. Based on Islamic principles same thoughts can be referred to purchase of consumer products with financial leasing by population.



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