Baku, Azerbaijan, June 9
By Azad Hasanli – Trend:
Azerbaijan’s Economy Ministry and the Islamic Development Bank (IDB) have started preparing an action plan for the introduction of the legal framework in Islamic financing sphere in the country, a source in Azerbaijan’s financial market told Trend June 9.
“The agreement between the Azerbaijani government and the IDB signed in January this year has passed all the domestic procedures and has already come into force,” the source said.
The parties are now taking consistent steps, which include the announcement of a tender to attract a consulting company that will conduct market analysis and study the possibilities of introducing the principles of Islamic banking in Azerbaijan, according to the source.
At the same time, the source didn’t mention when it is planned to complete the action plan’s development.
The IDB provided technical assistance worth $200,000 to Azerbaijan for the preparation of the legal framework for Islamic financing.
Azerbaijan joined the IDB in 1992.