Central Bank of Azerbaijan: harmonization of Islamic banking with global financial system is perspective

Baku, Fineko/ CEO of the Central Bank of Azerbaijan (CBA) Elman Rustamov took part in work of the fifth global forum on the Islamic financing, carried out in Baku by the Islamic Development Bank (IDB) on the subject of  “Global stability, and in the direction  of integration”.

CBA informed, speaking  at the  event E. Rustamov noted  that Azerbaijan has sustained challenges  of the global financial crisis thanks to the economic -potential base, which was created over last 6-7 years.

“Despite availability of risks, banking sector of the country has sustained the crisis’s influence. Thus, the level of capitalisation and financial reservation has grown in the country, potential of management has strengthened  and foreign borrowings have been limited,” E.Rustamov said.

According to E. Rustamov, for 2003-2008 the liberal market of economic was created  in Azerbaijan, based on social and corporate values and over this period of Gross Domestic Product of the country increased 3-fold, the income per capita amounted to $9,000 and Azerbaijan was included into a group of the countries with average profitableness.

“Azerbaijan banking sector grew  on the average 10 times over  these years,” E. Rustamov said.

According to CEO of CBA, within  last 10 years Islamic banking  covered a wide spectrum in financial circles of the developed countries and that is why harmonization of such banking  with global financial system is perspective, and Azerbaijan controls attentively over this process.



21.06.2010 15:58

Tags: IDB

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