Azerbaijan's Deposit Insurance Fund explores closer international cooperation

Azerbaijan's Deposit Insurance Fund discussed ways to improve deposit insurance systems with its counterparts from Spain, Hungary, Italy, Mongolia, Japan, Indonesia, Malaysia and Nigeria, Report informs, citing the fund.

A delegation led by the fund's executive director, Tural Piriyev, held bilateral meetings on the sidelines of the 25th Annual General Meeting of the International Association of Deposit Insurers (IADI) in Berlin.

The talks covered bank liquidation procedures, risk-based deposit insurance premiums, stress-testing methods and ways to improve compensation payouts to depositors. Participants also discussed international experience with digital financial instruments.

The delegations exchanged views on deposit insurance models that comply with Islamic finance principles. They also explored closer institutional ties and the possibility of signing memorandums of understanding on cooperation.

The fund said the meetings would help expand international cooperation, put best practices into use and strengthen protections for depositors.