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IDB ready to be shareholder of Islamic bank in Azerbaijan

Business Materials 28 January 2017 15:32 (UTC +04:00)

Baku, Azerbaijan, Jan. 28

By Azad Hasanli – Trend:

The Islamic Development Bank (IDB) is ready to become a shareholder of an Azerbaijani bank operating in line with Islamic banking principles, Hisham Maarouf, IDB regional director for CIS, told Trend.

The Azerbaijani government and IDB signed an agreement Jan. 18 on provision of technical assistance for preparation of legal base on Islamic financing. The agreement envisages an analysis of banking legislation and study of opportunities of introducing the Islamic banking principles in Azerbaijan.

Maarouf said that firstly, the country’s government needs to determine how the Islamic financing principles will be introduced – by creating a separate law or by introducing changes to the existing legislation.

Azerbaijan needs to decide in which direction it will work, he noted, adding that the technical assistance offered by the IDB will allow understanding that and making a right choice.

The IDB has already carried out such work in the CIS – in Tajikistan, Kazakhstan and Kyrgyzstan, he said.

When there is legislation, added Maarouf, Azerbaijan will be able to fully use all the products of the IDB.

Azerbaijan joined the Islamic Development Bank in 1992.

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