Baku, Azerbaijan, May 15
By Azad Hasanli – Trend:
Azerbaijan wants to attract Islamic financial organizations to operate in the country, a source in the country’s banking circles told Trend on May 15.
According to the source, a relevant memorandum, which envisages the attraction of banks working under the Sharia law to the country, is expected to be signed in Saudi Arabia this week.
The document will be signed by the “Cooperation of Azerbaijan and Arab Countries” Public Association and one of big financial institutions of the Arab world, added the source.
The source didn’t rule out that Arab banks, within the agreement, will help Azerbaijan to make changes in the legislation in order to help in introducing the principles of Islamic banking in the country as soon as possible.
In early 2017, Azerbaijan and the Islamic Development Bank (IDB) signed an agreement, within which the opportunity of changing the banking legislation will be studied in order to introduce the Islamic banking principles. The IDB will attract foreign experts and consulting companies for the implementation of this work.
According to the source, the memorandum, which is planned to be signed soon, will help to speed up the work on introducing the Islamic banking in Azerbaijan.