IDB ready to assist Azerbaijan in introduction of Islamic banking (UPDATE)
Details added (first version posted on 14:19)
Baku, Azerbaijan, Feb. 25
By Anvar Mammadov - Trend:
The government of Azerbaijan is in talks with the Islamic Development Bank (IDB) on the use of Islamic banking instruments in the country, Azerbaijani Deputy Minister of Economy Sahil Babayev told reporters Feb. 25.
He said that the IDB is ready to provide technical assistance to Azerbaijan in this issue.
"We held a lot of discussions at the CIS Global Business Forum in Dubai, including the ones regarding Islamic banking," Babayev said. "I would like to say that we have already outlined the primary scope of our model's project. We will be able to introduce this system in Azerbaijan with the attraction of the IDB professionals and other experts."
Babayev however said that it is hard to name the exact time of introduction of Islamic banking model in Azerbaijan.
"It's a new system, and it requires preparation of special legislation, set of rules and so on," Babayev said. "But the government examines this issue at the level of Central Bank. I think that the established Financial Market Control Chamber of Azerbaijan will be also studying this issue hard. It is necessary to determine the scope of changes in legislation and only then take certain steps."