BAKU, Azerbaijan, November 1. The Central Bank of Azerbaijan (CBA) is mainly focused on issuing sukuk [Islamic financial certificate] bonds and has begun developing relevant legislation together with the World Bank (WB), CBA Governor Taleh Kazimov said during a press conference on refinancing rates in Baku today, Trend reports.
According to him, one of the local banks has applied to the CBA regarding Islamic banking.
"We are primarily focused on issuing sukuk bonds and have started developing the relevant legislation in collaboration with the WB. It will be difficult to make progress on this issue without banks, as they know their clients best when it comes to bonds. Currently, negotiations are underway with one of the banks for a pilot launch.
The initial plan is to issue sukuk, followed by the implementation of Islamic banking. To be honest, it will take three to five years to realize this project. Our main goal is to enhance financial inclusivity and accessibility to financial services," he emphasized.
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