When Islamic financing may be introduced in Azerbaijan?

Finance Materials 17 April 2019 13:07 (UTC +04:00)

Baku, Azerbaijan, April 17

By Sara Israfilbayova - Trend:

Islamic Financial Advisory Services (IFAS) company will complete studies on exploring the possibility of introducing Islamic financing principles in Azerbaijan by the end of this year, a source in Islamic Development Bank (IDB) told Trend. The Islamic financing project is carried out jointly with the Agency for the Development of Small and Medium-sized Enterprises in Azerbaijan.

“IFAS is actively working on this,” the source said. “Experts are studying local legislation and in the near future will come up with proposals on how to apply Islamic financing in Azerbaijan.”

In January 2017, the Ministry of Economy of Azerbaijan and the Islamic Development Bank signed an agreement on the possibility of introducing Islamic financing in the country. The preparation of an action plan began in June. IDB provided technical assistance in the amount of $200,000 in order to develop the legal framework for Islamic financing.

Azerbaijan joined the Islamic Development Bank in 1992. Energy, irrigation, road construction and agriculture are among the main areas of interest of IDB in Azerbaijan.

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