Baku, Azerbaijan, Feb. 19
By Azad Hasanli - Trend:
Azerbaijan is developing a new model of Islamic banking, chief executive officer of B.EST Solutions Islamic finance consultancy, Islamic Financing consultant and member of the CIS Islamic Banking Advisory Council, Behnam Gurbanzada said.
He made the remarks within the framework of the Commonwealth of Independent States Global Business Forum (CIS GBF 2016) in Dubai, according to the forum's website.
He said plans are afoot to introduce Islamic banking regulations in the country. He went on to add that while the workflow was "not too fast" in the past, in the current economic environment, there is a greater focus to bring real banking solutions with a focus on customers.
Gurbanzada said Azerbaijan is developing a new model of Islamic banking, even as one commercial bank is all set to becoming fully Islamic.
Last year, the Islamic Development Bank (IDB) allocated to Azerbaijan a grant of $200,000 to improve the legislative framework, which will form the basis for Islamic banking.