Azerbaijan, Baku, Dec. 2 /Trend N.Ismayilova/
Azerbaijan can become a regional center for Islamic financing, the head of the working group on implementation of Islamic banking in the IBA, Behnam Gurbanzade, said in the discussions at the Fourth Baku International Banking Conference of the CIS.
A consortium of Salans, KPMG, Pinsent Masons and Dar al Shariah are the IBA consultant for the implementation of Islamic products and services.
"We completed the analysis of banking and tax legislation of Azerbaijan with the consultants last week, and came to the conclusion that there are "windows", in which Islamic "window" can enter to implement some services and project financing," Gurbanzade said.
According to Gurbanzade, six products covering corporative sector and retail have been developed.
"The world was not the practice of creating a mini-bank within the bank. Our consultants presented a proposal that this structure may exist within the IBA, and bring enormous benefit, both in terms of attracting foreign investment and finance domestic clients," Gurbanzade said
The next phase will prepare proposals for approval by the CBA to conduct a more vigorous activity in this area
"This would enable Azerbaijan to become a regional center for Islamic financing. We have a favorable geopolitical position, the neighbors, which isn't alien to Islamic financing. There are markets like Russia, Kazakhstan, but there are also tremendous opportunities for entering other markets," Gurbanzade said.
Azerbaijan will be able to enter the CIS markets using professional expertise and connections in this field in international markets in the future and to introduce Islamic banking in these countries using their experience with local businesses.