Azerbaijan to accelerate development of Islamic banking

Photo: Azerbaijan to accelerate development of Islamic banking
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Baku, Azerbaijan, Dec. 6

By Ilkin Izzet - Trend:

A meeting of the Economic Policy Committee of the Azerbaijani Milli Majlis (parliament) held discussions on Dec. 6 over the draft law 'On approval of the foundation agreement with the International Islamic Trade Finance Corporation'.

During the discussions, it was noted that this document will support the financing and stimulation of trade with Islamic countries and the member states of the Organisation of the Islamic Conference (OIC).

The signing of this document will have a positive impact on Azerbaijan's economy, the committee's chairman Ziyad Samadzadeh said.

"This draft law will encourage Azerbaijan's imports and exports from 36 OIC member countries. Its implementation in the country will contribute to the development of Islamic banking and enhance the ability of local banks to raise loans for these purposes," he said.

The draft law was recommended for discussion at parliament's plenary session.

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