The legislative package prepared by the Central Bank of Azerbaijan (CBA), which incorporates certain principles of Islamic finance, includes five core products, comprising three asset-based and two liability-based instruments, CBA Executive Director Shahin Mahmudzada said at the 3rd Islamic Finance Forum in Baku, Report informs.
According to Mahmudzada, the document has already been submitted to the government.
"Our goal is to create clear rules for market participants, ensure legal certainty, establish an appropriate foundation for standards, and protect consumer rights. The key factor in building a sustainable market is a predictable and transparent legislative environment," he added.