CBA head: Azerbaijan is tolerant to all innovations used in global economy
Azerbaijan, Baku, June 22 / Trend I. Khalilova /
It is necessary to conduct certain research before Islamic banking is implemented in the banking sector of Azerbaijan, chairman of the Central Bank of Azerbaijan Elman Rustamov said.
"Over the last 17 years the development of financial and banking system in Azerbaijan achieved great success on classical and traditional principles, basing on the experience of countries, Rustamov said. Now the financial system and banking systems have demonstrated resistance to the global crisis. However, our country is open to all innovations used in the global economy, and this tolerance can be used in the financial system.
However, research in this area can not begin earlier than 2011, since this question requires serious analysis.
A new strategy of development of financial and banking sector is under preparation now.
It will rely on the challenges of the crisis. "The need to reach a new strategy for the entire financial system is associated with its role in the world economy. The financial sector in developed countries, including the U.S., exceeds the real sector six times, i.e. the creation of the financial industry is an important factor for the development and enhancement of the economy", Rustamov said.
The development of the financial industry must have a primary role. It should act as a catalyst for promoting the economy.