TODAY.AZ / Business

Azerbaijan's banks will need time to introduce full value Islamic banking

20 April 2012 [08:51] - TODAY.AZ
The delegation led by Head of Dubai Administration’s Emir, Chief Executive Director of Dubai investment corporation, Chairman of Dubai Bank , Board Chairman of Dubai Islamic Bank Mohammed Ibrahim Al Shaibani has shown interest to state of Islamic banking in the country.

Azerbaijani delegation has reported that there are no Islamic banks in the country but a range of banks applies certain elements of Islamic banking.

"They are currently ready to pass to Islamic financial operations for corporate clients. To organize full value Islamic banking Azerbaijani banks may need up to 2 years provided that relevant legislation is worked out ",- representatives of Azerbaijani side said.

At present International Bank of Azerbaijan has approached closes of all to opening of Islamic window.


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