A new memorandum will introduce Islamic banking in Azerbaijan

Baku. 18 May. REPORT.AZ/ The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, has signed Memorandum of Understanding (MOU) with the Association for Azerbaijan-Arab Countries Cooperation (AACC) in order to introduce Islamic banking products in Azerbaijan and to lobby for changes in Azerbaijan banking legislation in order to incorporate Islamic banking.

Report informs referring to foreign media.

With the signing of the MOU, the two institutions agreed to cooperate to facilitate information and expertise exchange in order to develop effective cooperation, which may include organizing joint investment forums, professional programs, market research, workshops, publications, study tours, qualifications, and much more.

Chairman of AACC, Elshan Rahimov said that high-level economic and political relationship in recent years between Azerbaijan and Arab countries, expansion of cooperation between businesses, increasing visitors from Arab countries to Azerbaijan create favorable conditions for the development of the relations: “We consider ICD as strategic partner in Arab region and by signing this MoU we cemented our relationships and it will help us to define our strategy for coming months”.

According to him, AACC together with ICD plans to host first investment Forum for the investors from Arab countries in October 2017 in Baku, Azerbaijan.