Central Bank of Azerbaijan: harmonization of Islamic banking with global financial system is perspective
Baku, Fineko/abc.az. 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.
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