Islamic financial system as an alternative for Azerbaijan
Azerbaijan, Baku, Sept. 25 /Trend D.Nasibova/
The Islamic financial system is a perspective alternative to the current financial systems. This mostly refers to such countries as Azerbaijan, where the Islamic financial system is not implemented. This was reported by the rector of the Azerbaijani State Economic University Shamsaddin Gajiyev at the closing of the symposium on 'Prospects of development of Islamic financial market in Azerbaijan'. He said attention must be given to the study of this alternative.
"The implementation of an interest free financial system is of a great interest for the Azerbaijani economy and in particular business development. As an Islamic financial system would be completely new for Azerbaijan, it requires detailed research in order to discover all the positive and negative aspects," Gajiyev said.
The director general of Ansar Leasing Company Jeyhun Nagiyev confirmed that an interest free financial system is the most optimal alternative to the current systems.
"According to the experience of the recent years, the economic crisis didn't affect the economies of the Arabic countries using this system, as much as it affected economies of other countries. The Islamic financial system operates in a different manner as it's interest free and stable", Nagiyev noted.
In his turn, the director of the Istanbul Institute of Economic Research and Consultations Servet Bayindir, speaking on the general aspects and principles of interest free financing, noted that considering the rates of economic development in Azerbaijan, the implementation of an Islamic financial system is possible in future.
Azerbaijani State Economic University, the Public Unit on Research of Economic Resources and the Istanbul Institution of Economic Research and Consultations are the organisers of the event.