Tajikistan’s banks interested in Islamic Banking principles

Photo: Tajikistan’s banks interested in Islamic Banking principles / Finance

Baku, Azerbaijan, Sept. 4

By Aygun Badalova - Trend:

Most of Tajikistan's banks are interested in introducing the Islamic banking principles in their activity, Avesta.Tj reported Sept. 4 referring to National Bank of Tajikistan.

The Tajik lower house (Majlisi Namoyandagon) of parliament adopted the draft law on Islamic banking in Tajikistan in May of this year, according to NBT.

A group of specialists is working out draft amendments to a number of Tajikistan's laws. These amendments will promote organization of the Islamic banking regulation mechanism, NBT said.

Today, the economy of Tajikistan is sharply needed in investments and the Islamic banking principles are expected to help in expanding a range of banking transactions, finding new sources of external financing and internal deposits.

Islamic banking refers to a system of banking or banking activity that is consistent with the principles of the Shari'ah (Islamic rulings) and its practical application through the development of Islamic economics. The principles which emphasize moral and ethical values in all dealings have wide universal appeal.

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