BAKU, Azerbaijan, October 9. Azerbaijan and the Islamic Chamber of Commerce and Development (ICCD) have discussed the prospects for developing Islamic finance, the chairperson of the Central Bank of Azerbaijan (CBA) Taleh Kazimov wrote on X, Trend reports.
The meeting took place with a delegation led by ICCD Secretary-General and CEO of Al Baraka Banking Group, Yousef Hassan Khalawi.
"During the meeting, we discussed potential cooperation opportunities with Azerbaijan's banking sector, as well as the work accomplished and the prospects for developing Islamic finance in the country," the publication reads.
To note, Azerbaijan's Rabitabank OJSC and the International Islamic Trade Finance Corporation (ITFC) have signed an agreement for the development of the private sector in the amount of $15 million.
The agreement entails the creation of commercial financing mechanisms to meet the diverse needs of private sector clients, with support for small and medium-sized businesses (SMBs) in accordance with Islamic financial principles.
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Azerbaijan and the Islamic Chamber of Commerce and Development (ICCD) have discussed the prospects for developing Islamic finance, the chairperson of the Central Bank of Azerbaijan (CBA), Taleh Kazimov wrote on X, Trend reports.
The meeting took place with a delegation led by ICCD Secretary-General and CEO of Al Baraka Banking Group, Yousef Hassan Khalawi.
"During the meeting, we discussed potential cooperation opportunities with Azerbaijan's banking sector, as well as the work accomplished and the prospects for developing Islamic finance in the country," the publication reads.