National Bank studies possible functioning of Islamic banking in Azerbaijan

Rashad Orujev, chief of department for banking supervision of the National Bank said this sector is one of the most speedy developing in the world.

"Even the Bazel committee, which is the head body of all structures, fulfilling functions of banking supervision, intends to work out principles of regulation of the Islamic banking activity", noted he.

Yet, said Orujev, in order to engage in this business, it is necessary to create legislative basis and regulative regime, which requires detailed exploration and development of a special strategy in this direction.

/Day.Az/