Behnam Gurbanzade: 'Azerbaijan has great opportunities for development of Islamic finance'

Baku. 29 April. REPORT.AZ/ Former Chief of Islamic Banking Department of International Bank of Azerbaijan (IBA), Expert on Islamic Finance Behnam Gurbanzade has visited Report News Agency.

The expert has met with the Editorial staff, as well as employees of the Economics Department of the agency.

Economics Editor Vugar Mustafayev has briefed the guest about the activities of the agency and expressed interest of Report News Agency in spreading information on Islamic banking, generally, Islamic finance.

In turn, B.Gurbanzade said that formation of traditions of Islamic finance will be important both for Azerbaijan and the region. The expert stressed growing popularity of this field all over the world as well as its being alternative capital market and presenting alternative tools for the sector's investments.

'Azerbaijan has great opportunities for development of Islamic finance. We have proved this in the International Bank of Azerbaijan. If the bank substantially engages in this type of activity in just two years, profit will be gained after a year. It also requires the establishment of an appropriate legislative framework', B.Gurbanzade said.