New Venture Established for the Promotion of Islamic Finance in Azerbaijan

17 May 2017
Document TitleSize
PDF icon Read the Press Release133.66 KB

AlHuda Centre of Islamic Banking and Economics (CIBE) and Studying of Economic Resources (SER) has signed an agreement for the promotion and development of Islamic Banking and Finance in Azerbaijan and rest of Caucasus Countries. According to this agreement both organizations will implement a concrete strategy for research, product development, Shariah advisory and capacity building initiatives for the sustainable development of Islamic Finance in Azerbaijan and regional countries, the main objective of the initiative is to impart the global expertise, scholastic ideas and international best practices of Islamic finance in Azerbaijan market. The signing ceremony was held in the Baku – the Capital of Azerbaijan today, which is signed by Muhammad Zubair Mughal, Chief Executive Officer - AlHuda CIBE and Ruslan Atakishiyev, Chairman of the Board– SER.

Azerbaijan, officially the Republic of Azerbaijan, is a country in the South Caucasus region, situated at the crossroads of Southwest Asia and Southeastern Europe, having about 10 million population, the majority (99%) of the population consists of Muslims which indicate a huge demand of Islamic banking and finance in the country. Azerbaijan has a high level of human development which ranks on par with most Eastern European countries; it has a high rate of economic development and literacy, as well as a low rate of unemployment which creates enabling environment to facilitate Islamic Banking and Finance. As Islamic finance is one of the fastest-growing segments of the global financial industry worldwide, Azerbaijan, alongside Kazakhstan, Kyrgyzstan and Tajikistan, are among several CIS countries creating a more welcoming framework for Sharia Compliant banking.