Azerbaijan to establish Islamic bank next year

At present, government is considering legislation on creation of new bank

Baku. 19 February. REPORT.AZ/ First independent Islamic bank can be opened in Azerbaijan early next year.

Report informs citing Reuters, at present, the government (in working group format) is considering legislation on creation of new bank.

Azerbaijan, Kazakhstan and Tajikistan are among Central Asian countries, which want to establish a bank on the basis of Sharia and they are supported by the Islamic Development Bank, which head office is located in Jeddah (Saudi Arabia).

Behnam Gurbanzadeh, former Head of the Islamic Banking Department, which had operated under International Bank of Azerbaijan and stopped its activity in October last year, and Member of the Working Group, established on the new project stated currently, the government is working on the legislation together with the Islamic Development Bank. 

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