KPMG calls ways of developing Islamic financing in Azerbaijan
Azerbaijan, Baku, Nov. 16 / Trend A. Akhundov /
The KPMG auditing company sees the issue of state bonds "sukuk" as one of the ways of developing Islamic securities market in Azerbaijan, head of KPMG international group on Islamic Finance Neil Miller said at the V Baku International Banking Conference of the CIS member-states "CIS financial markets: new opportunities and global risks" today.
"This will be a good support for the private sector to participate in the process," he said. "However, it is necessary to resolve legal issues first of all."
He said that Azerbaijan is among the countries with a growing interest in Islamic financing.
"The country operates in the sphere of Islamic financing," he said. "The market is being examined. A methodical approach is required in this process. It is necessary to create an efficient regulatory framework. There are a number of important tasks, such as adapting the tax legislation, resolving the issues with the preparation and verification of accounting, marketing to promote this type of financing among people."
He added that Azerbaijan must examine successful models and use the experience of other countries.
"Kazakhstan would be a good example for Azerbaijan," he said. "The regulations have been prepared in this area in Kazakhstan."