Baku, Azerbaijan, Jan. 17
By Azad Hasanli – Trend:
Azerbaijan and the Islamic Development Bank (IDB) will sign Jan. 18 a grant agreement, which will make it possible to start investigating the possibilities to introduce the principles of Islamic banking to Azerbaijan’s financial system, a source in the country’s government told Trend Jan. 17.
IDB approved technical assistance to Azerbaijan in the amount of $200,000 for the preparation of the legal framework for Islamic financing.
Azerbaijan’s Economy Minister Shahin Mustafayev has the authority to sign the grant agreement on behalf of the government of the country. It is expected to sign the agreement within the framework of the visit of IDB Vice President Sayed Aqa to Baku. He arrived in Azerbaijan Jan. 17 to discuss economic and financial priorities of the country and the support the Islamic bank may provide for their implementation.
Azerbaijan became a member of IDB in 1992. The bank has invested about $1.2 billion in Azerbaijan for the implementation of projects in various spheres of economy.