The use of an interest free financial system could prevent some economic cataclysms. This is why it is important for Azerbaijan to consider the possibilities of using this system, the dean of Azerbaijani State Economic University Shamsaddin Gajiyev said on Tuesday at the opening of symposium on the 'Prospects of development of Islamic financial market in Azerbaijan', in Baku.
"Though this system is only 40 years old, a positive tendency in the development of an Islamic interest free financial system is to be considered. Reviewing the possibilities of using such a system is an important factor for Azerbaijan, where 90 per cent of the population are Muslims", the director general of Ansar Leasing which was the general sponsor of the symposium, Jeyhun Nagiyev said.
Nagiyev noted that for development of this financing direction in Azerbaijan the issue has to be considered both not only from the legislative point of view, but also from the scientific one.
Experts on Islamic financing, professors and lecturers from Azerbaijan, Turkey, Pakistan, Saudi Arabia, Azerbaijani deputies, representatives of ministries of economic development, finance and tax, local banks, leasing and investment companies will take part in the symposium.
A review of the Islamic financial market as an alternative financial resource in Azerbaijan, as well as prospects of an Islamic financial market being formed in Azerbaijan today and in the future should be considered. Possibilities of Islamic financial institutions participation in investment projects in Azerbaijan, the ways of cooperation establishment between international institutions in the field of Islamic banking and local financial institutions were among the issues discussed at the symposium.
The share of Islamic capital in the world financial market is estimated as 1.3 billion dollars. This system of interest free financing is being implemented in more than 400 financial organisations in 74 countries worldwide.