IDB ready to help creating basis for introduction of Islamic banking in Azerbaijan
Azerbaijan, Baku, June 25 / Trend I.Khalilova /
The Islamic Development Bank (IDB) is ready to assist in preparing the ground for the introduction of Islamic finance in Azerbaijan, IDB President Ahmad Mohammad Ali said at the Thirty-Fifth Annual Meeting of the IDB Board of Governors in Baku.
"IDB is ready to assist all stakeholders in the application of Islamic finance and its elements that the bank realizes through the organization of seminars, technical assistance and workshops ," Ali said.
IDB representative Hani Sonbol said the legislative and regulatory framework should be developed first in Azerbaijan for the development of Islamic banking here.
The Islamic finance has a more stable system that has been demonstrated on the evaluation of effects of the global financial crisis, he added.
"Of course, we participate in the development of Islamic banks, but so far we have not such discussions with the Azerbaijani side," Sonbol said. "If Azerbaijan appeals, we are ready to begin talks."
Chairman of the largest bank in the country - the International Bank of Azerbaijan, Jahangir Hajiyev, said as instruments of Islamic finance should be introduced in Azerbaijan, as in other countries.
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